Oil Prices Soar After New Strikes on Saudi and Strait of Hormuz

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

Saudi Arabian state media released video 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 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.

Market analyst Tony Sycamore noted that unless this week's talks in Oman produce something operational or the East-West pipeline is restored quickly, crude oil prices could continue to rise towards $119.48, a high reached earlier in March.