Commodities
Middle East Tensions Drive Oil Prices Higher Amid Saudi Strike
Oil prices have surged due to supply concerns in the Middle East, causing Brent crude to climb almost 3% on Monday. The increase is attributed to new strikes on Saudi Arabia and ships in the Gulf, which have exacerbated tensions.
A recent attack on a Saudi oil pipeline and an advance by Yemen's Ansar Allah have raised fears of a worsening disruption to global energy supplies. This has put pressure on oil prices, leading to the significant rise in Brent crude.
The meeting between Iran and Gulf Arab states scheduled for Monday to discuss a deal on opening the Strait of Hormuz was postponed, further adding to uncertainty in the region.