Oil Prices Soar Amid Fresh Houthi Strikes and Strait of Hormuz Disruptions

Oil prices surged more than 2% on Monday after new strikes by the Houthi rebels in Saudi Arabia and Iranian attacks on ships in the Gulf raised concerns about global oil supply.

The 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.

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 loss of the East-West oil pipeline, which helped Saudi Arabia re-route its exports avoiding the Strait of Hormuz, threatens up to 4% of global oil supply.