Oil Prices Soar as Houthi Strikes and Iranian Attacks Compound Supply Concerns

Oil prices surged over 2% on Monday after fresh Houthi attacks on Saudi Arabia and Iranian strikes 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.

The attacks on Saudi Arabia included a Houthi strike on the country's southern Jazan province, which damaged homes and a mosque, according to Saudi state media.

A vessel in the Strait of Hormuz was also struck by a projectile, causing a fire and forcing the crew to evacuate, as per the UKMTO.