Middle East Tensions Spark $3 Surge in Global Oil Prices

Global oil prices surged on Monday, September 14, following a series of attacks in the Middle East. The Houthis attacked Saudi Arabia, while unidentified projectiles struck vessels in the Persian Gulf.

Oil prices jumped by more than $3 at the start of trading in East Asia, with Brent crude futures rising by $3.62, or 3.46 percent, to $108.23 per barrel. West Texas Intermediate (WTI) crude futures also increased by $3.15, or 3.15 percent, to $103.20 per barrel.

These price increases were anticipated due to concerns over supply risks from Saudi Arabia, the world's largest oil exporter. The country's East-West oil pipeline was shut down last week following a drone attack originating from Iraq.