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Oil Prices Soar After Saudi Arabia and Strait of Hormuz Attacks

Guavy AI Editorial Team
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Oil
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Oil prices surged on Monday morning after new strikes were reported in Saudi Arabia and at shipping lanes in the Strait of Hormuz.

The Brent crude futures price rose by $3.62, or 3.46%, to $108.23 per barrel as of Sunday's market close. The West Texas Intermediate (WTI) futures price increased by $3.15, or 3.15%, to $103.20 per barrel.

The attacks on Saudi Arabia and the shipping lanes in the Strait of Hormuz have caused concerns about global oil supply and prices.

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