Oil Prices Soar as Houthi Attacks and Iranian Strikes Fuel Supply Fears

Oil prices surged on Monday as fresh Houthi attacks on Saudi Arabia and Iranian strikes on vessels in the Gulf fueled supply concerns. Brent crude futures rose $2.90, or 2.77%, to $107.51 a barrel by 2313 GMT.

The attacks come after the shutdown of Saudi Arabia's East-West oil pipeline, which allows the country to reroute shipments and avoid the Strait of Hormuz. Its closure threatens up to 4% of global oil supply.

Saudi state media released footage showing damage to homes and a mosque in the southern Jazan province following what it described as a Houthi attack.

The Iran-aligned Houthis also said they had targeted a Saudi military base in a neighbouring province. Meanwhile, a vessel in the Strait of Hormuz was struck by a projectile, causing a fire and forcing its crew to evacuate.