Oil Prices Soar on Saudi Strikes and Strait of Hormuz Attacks
Oil prices surged on Monday after fresh attacks on Saudi Arabia and ships in the Strait of Hormuz. Brent crude futures rose $3.62, or 3.46%, to $108.23 per barrel, while WTI futures increased by $3.15, or 3.15%, to $103.20 per barrel.
Saudi state media released footage showing damage to homes and a mosque in the country's southern Jazan province after what it called a Houthi attack. The Houthis also claimed to have struck a Saudi military base in a neighboring province.
A vessel in the Strait of Hormuz was hit by a projectile, causing a fire and forcing the crew to evacuate, according to the British maritime security agency UKMTO. Iran reported that one person was killed and four crew members were wounded aboard an Iranian commercial vessel struck off its coast.
Analyst Tony Sycamore warned of further price increases unless talks in Oman produce concrete results or the East-West pipeline is quickly brought back online. However, Omani Foreign Minister Badr Albusaidi announced that a scheduled meeting between Gulf countries and Iran had been postponed.