Oil Prices Soar After Fresh Strikes on Saudi Arabia and the Strait of Hormuz

Oil prices surged more than $3 per barrel at the market open on Monday after new strikes on Saudi Arabia and ships in the Gulf.

The Brent crude futures rose by $3.62, or 3.46%, to $108.23 per barrel as of 2214 GMT on Sunday, while WTI futures increased by $3.15, or 3.15%, to $103.20 per barrel.

Saudi Arabian state media released footage showing damage to homes and a mosque from what it said was a Houthi attack on the country's southern Jazan province.

The Houthis claimed they had also struck a Saudi military base in a neighboring province, while the British maritime security agency UKMTO reported that a vessel in the Strait of Hormuz was hit by a projectile, causing a fire and forcing the crew to evacuate.