Houthi Strikes Send Oil Prices Soaring

Oil prices surged more than 4% on Monday after the Yemen-based militant Houthis struck Saudi Arabia's infrastructure, leaving one crucial pipeline out of service for weeks.

The global benchmark for crude oil, Brent crude, settled at $105.66 per barrel as of Monday afternoon, while West Texas Intermediate (WTI) rose to $101.28.

Saudi officials estimate it will take 3-5 weeks to repair the East-West Pipeline, which has been carrying a weekly average of 2.6 million to 4 million barrels a day since late August.

The Houthis also captured key islands in the Red Sea and took over the port city of Mokha, raising concerns about potential disruptions to global oil supplies.