Oil Prices Soar $3+ as Saudi Strikes Escalate Global Tensions
Oil prices surged more than $3 per barrel at the opening of markets on Monday, following new strikes on Saudi Arabia and the Strait of Hormuz.
The attack caused damage to homes and a mosque in Saudi Arabia's Jazan province, according to state media. The Houthis claimed responsibility for targeting a Saudi military base in a neighboring province as well.
A vessel in the Strait of Hormuz was also struck by a projectile, resulting in a fire and forcing the crew to evacuate, according to the British maritime security agency UKMTO.
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 oil pipeline was shut last week after a drone strike originating in Iraq.