Oil Prices Soar as Pipeline Closure and Ship Attacks Fuel Supply Concerns

Oil prices surged on Monday after a series of attacks on Saudi Arabia and Iranian ships fueled concerns about global oil supply. The price of Brent crude futures rose $3.21, or 3.1%, to $107.82 per barrel, while West Texas Intermediate (WTI) futures gained $3.17, or 3.2%, to $103.22 per barrel.

The attacks on Saudi Arabia's East-West oil pipeline and a vessel in the Strait of Hormuz have raised fears about a potential disruption to global oil supply. The pipeline closure threatens up to 4% of global oil supply, with Yanbu having enough inventory to cover only five to seven days of exports.