Oil Prices Soar on Saudi Attacks and Strait of Hormuz Strikes

Oil prices surged more than 2% on Monday after a series of attacks on Saudi Arabia and the Strait of Hormuz raised concerns about global supply. Brent crude futures rose to $107.51 per barrel, while WTI futures increased to $102.32 per barrel.

The Houthi rebels claimed responsibility for striking a Saudi military base in Jazan province, as well as a mosque and homes in the same area. A vessel in the Strait of Hormuz was also hit by a projectile, causing a fire and forcing the crew to evacuate.

Saudi Arabia's East-West oil pipeline was shut down on Friday after a drone strike originating from Iraq. The loss of this pipeline threatens up to 4% of global oil supply.

Yemen's Houthi rebels have also gained control over the strategic island of Perim, which is located near the Bab el-Mandeb Strait and has been shipping 4-5% of global supply in recent months.