Oil Prices Soar as Houthi Rebels Disrupt Saudi Arabia's Oil Infrastructure

Oil prices surged on Monday after Houthi rebels attacked Saudi Arabia, capturing more territory in Yemen and putting pressure on the country's oil infrastructure.

The key East-West pipeline, which bypasses the Strait of Hormuz, is expected to be shut down for weeks due to the conflict.

This development has traders focusing on supply disruptions in Saudi Arabia and betting that the situation may worsen before it improves.

WTI oil prices rose above $102.50-$103.00 resistance levels and are attempting to break through the $106.00 level, with a potential target of $109.00-$109.50 if successful.