Oil Prices Spike as Mideast Tensions Escalate

Oil prices surged over 2% on Monday as concerns about global oil supplies intensified due to fresh Houthi attacks on Saudi Arabia and strikes on vessels in the Gulf. Brent crude futures rose $2.90, or 2.77%, to $107.51 a barrel by 2313 GMT, while US West Texas Intermediate (WTI) crude climbed $2.27, or 2.27%, to $102.32 a barrel.

The latest gains followed a series of attacks across the region, including Houthi strikes on Saudi military bases and vessels in the Gulf. The Iran-aligned Houthis also claimed responsibility for targeting a Saudi mosque and homes in the southern Jazan province.

Shipping risks have increased around the Strait of Hormuz, with a vessel reportedly struck by a projectile while transiting the waterway. One person was killed and four crew members were wounded after an Iranian commercial vessel was hit off its coast.