Oil Prices Rise Amid Fears of Global Supply Disruptions

Oil prices settled about 1% higher on Monday after new strikes on Saudi Arabian energy infrastructure and attacks on ships in the Middle East raised concerns about global supplies.

The Brent futures rose $1.07, or 1.0%, to settle at $105.68 per barrel, while U.S. West Texas Intermediate (WTI) crude rose $1.34, or 1.3%, to settle at $101.39.

Worries about supplies mounted after Yemen's Iran-backed Houthis launched a new attack on Saudi Arabia, targeting aircraft hangars, radar systems, and runways in southern Saudi Arabia.

The Houthi attack also knocked out Saudi Arabia's east-west pipeline, which allows Gulf oil exports to bypass the blockaded Strait of Hormuz, threatening up to 4% of global oil supply.