Middle East Tensions Send Oil Prices Soaring

Oil prices surged on Monday as fears of supply disruptions mounted due to ongoing attacks in the Middle East and stalled diplomacy between Gulf states and Iran.

The Houthis claimed responsibility for launching a large-scale missile and drone attack against Saudi Arabia over the weekend, which they said targeted a military base in Sharurah. However, Saudi state media did not confirm the attack, but reported that a projectile fell in the Jazan region.

A separate alert from the UKMTO stated that a vessel within the Strait of Hormuz had been struck by an unknown projectile. The AP later reported that an Iranian cargo vessel had been hit off Qeshm Island, although it's unclear if this is related to the same attack.

Oman's Foreign Minister, Badr Albusaidi, announced on Monday that a meeting between Gulf states and Iran, scheduled for that day, was postponed due to a lack of consensus. This meeting would have been the first time top diplomats from the GCC had sat down with their Iranian counterparts since the war began.