Oil Prices Soar Amid Fresh Houthi Strikes and Iranian Attacks

Oil prices surged more than 2% on Monday after new Houthi strikes on Saudi Arabia and Iranian attacks on ships in the Gulf. The disruptions compound supply concerns following the closure of a key Saudi oil pipeline.

Brent crude futures rose $2.90, or 2.77%, to $107.51 per barrel as of 2313 GMT, while WTI futures ​rose $2.27, or 2.27%, to $102.32 per barrel. The prices had initially risen more than 3% at market open.

Saudi Arabian state media released video footage of 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 struck a Saudi military base in a neighboring province, while a vessel in the Strait of Hormuz was hit by a projectile, causing a fire and forcing the crew to evacuate.

The loss of the East-West oil pipeline threatens up to 4% of global oil supply, while Yemen's Iran-aligned Houthis tightened their control over the Bab el-Mandeb Strait. Oil prices surged 8% higher on the week due to the disruptions, rising above $100 for the first time since July.