Oil Prices Soar to New Heights Amid Gulf Region Attacks
A wave of attacks in the Gulf region has sent oil prices surging, with Brent crude climbing past $108 a barrel and WTI neared $103.50 on Monday.
The price increase was triggered by Saudi Arabia's decision to shut down its East-West pipeline, which can carry up to seven million barrels a day, after a drone strike near Madinah and southern Riyadh left several people hurt.
The incident is believed to have originated from Iraqi territory near the Iranian border, according to the Gulf Cooperation Council.
A second flashpoint inside the Strait of Hormuz was reported on Sunday when an Iranian-flagged cargo vessel was hit, killing one crew member and wounding four others.
Houthi fighters in Yemen have also tightened their grip on the Bab el-Mandeb waterway by capturing Perim Island, which effectively gives them command of a crucial corridor used by global east-west trade.