Oil Prices Soar After New Strikes on Saudi Arabia and Gulf Shipping

Oil prices surged more than $3 per barrel on Monday after new strikes hit 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 (Sunday), while WTI futures jumped $3.15, or 3.15%, to $103.20 per barrel.

The Houthi rebels claimed responsibility for the attacks on Saudi Arabia's southern Jazan province and a Saudi military base in a neighboring province. A vessel in the Strait of Hormuz was struck by a projectile, causing a fire and forcing the crew to be evacuated.

Iran reported that one person was killed and four crew members were wounded aboard an Iranian commercial vessel hit off its coast. Oil prices had been expected to rise amid growing concerns about supply risks from Saudi Arabia, the world's largest oil exporter, whose East-West pipeline was shut last week by a drone strike originating in Iraq.