Oil Prices Skyrocket on New Attacks on Saudi Arabia and Strait of Hormuz

Oil prices surged on Monday after new attacks on Saudi Arabia and the Strait of Hormuz. Brent crude futures rose $3.62, or 3.46%, to $108.23 per barrel as of 2214 GMT (Sunday), while WTI futures increased by $3.15, or 3.15%, to $103.20 per barrel.

The attacks came on Sunday, with Saudi Arabian state media releasing video footage showing damage to homes and a mosque in the southern Jazan province from what it said was a Houthi attack. The Houthis also claimed to have struck a Saudi military base in a neighboring province.

A vessel in the Strait of Hormuz was hit by a projectile, causing a fire and forcing the crew to evacuate, according to the British maritime security agency UKMTO. Iran reported that one person was killed and four crew members were wounded aboard an Iranian commercial vessel struck off its coast.

Oil prices had been expected to rise due to growing concerns about supply risks from Saudi Arabia, the world's largest oil exporter. The East-West pipeline, which was shut down by a drone strike originating in Iraq last week, remains closed.