Oil Prices Soar on Geopolitical Tensions

Global oil prices surged over 2% on Monday as concerns grew about potential disruptions to global crude supplies.

The price increase followed fresh attacks targeting sites in Saudi Arabia and commercial vessels in the Gulf region, including a direct projectile strike on a vessel in the Strait of Hormuz.

The closure of the Saudi East-West oil pipeline threatens up to 4% of total global oil supplies, exacerbating already tense security risks in the Bab al-Mandab Strait.

Oil markets closed last week with strong gains of approximately 8%, surpassing the $100-per-barrel mark for the first time since July.