Oil Prices Skyrocket After Saudi Strikes and Gulf Shipping Attacks

Oil prices surged by over $3 on Monday following new strikes on Saudi Arabia and ships in the Gulf. The attacks, which occurred on Sunday, have injected a substantial risk premium into oil markets.

Brent crude futures rose $3.62, or 3.46%, to $108.23 per barrel as of 22:14 GMT (Sunday), while WTI futures increased by $3.15, or 3.15%, to $103.20 per barrel.

The Strait of Hormuz, a key chokepoint for nearly 20% of global oil flows, remains under threat, and disruptions to alternative routes like Saudi's East-West pipeline are also ongoing.