Oil Prices Soar as Middle East Tensions Escalate

Oil prices surged 3% on Monday to near $108 per barrel as tensions in the Middle East escalated, prompting concerns about global energy supplies.

The sharp gains came after Saudi Arabia and Iran attacked ships in the Gulf, further spooking investors about worsening wartime disruption to supply chains.

Saudi Arabian state media released video footage of damage to homes and a mosque from what it claimed was a Houthi attack on the country's southern Jazan province.

The Houthis said they had also struck a Saudi military base in a neighboring province, while an Iranian cargo vessel was struck on Sunday in the Strait of Hormuz, according to Iranian state media.