Oil Prices Soar Over 3% Amid Fresh Strikes on Saudi, Strait of Hormuz

Oil prices surged over 3% on Monday after Houthi strikes on Saudi Arabia and Iranian attacks on ships in the Gulf raised supply concerns following the closure of a key Saudi oil pipeline.

The shutdown of the East-West pipeline, which helps Saudi Arabia avoid the Strait of Hormuz and re-route its exports, threatens up to 4% of global oil supply.

Brent crude futures rose $3.21, or 3.1%, to $107.82 per barrel as of 0340 GMT, while WTI futures gained $3.17, or 3.2%, to $103.22 per barrel.