Oil Prices Spike as Hormuz Talks Stall and Houthi Attacks Continue

Oil prices surged to $85 per barrel on Monday due to the continued stalemate in talks to reopen the Strait of Hormuz and ongoing attacks by Yemen's Houthi militia on Saudi Arabia's energy infrastructure.

The lack of an agreement between Iran and Oman to restore normal shipping through the strait, a critical waterway for global oil supplies, drove the price increase. Only seven commodity vessels passed through the strait on Sunday, with most using the route designated by Iran and some switching off tracking systems to avoid detection.

The Houthi attacks, which hit the Jazan refinery on Saudi Arabia's southern Red Sea coast, have further supported prices. The facility has a capacity of 400,000 barrels per day.