Oil Prices Soar on Fresh Attacks in Saudi Arabia and Strait of Hormuz

Oil prices surged on Monday following fresh attacks in Saudi Arabia and the Strait of Hormuz. Brent crude futures climbed $3.62, or 3.46%, to $108.23 per barrel.

The U.S. WTI futures also rose $3.15, or 3.15%, to reach $103.20 per barrel. The attacks on Saudi facilities and vessels in the Strait of Hormuz have heightened concerns over global supply chain disruptions.

The Strait of Hormuz is a critical chokepoint for crude oil shipments from the Middle East, and damage to vessels in those waters has sent the market's geopolitical risk premium sharply higher.