Oil Prices Surge on New Strikes in Saudi Arabia and Strait of Hormuz

Oil prices surged more than 2% on Monday after new strikes on Saudi Arabia and the Strait of Hormuz compounded supply concerns. The Brent crude futures rose $2.90, or 2.77%, to $107.51 per barrel as of 2313 GMT.

The Houthi attacks targeted a Saudi military base in a neighboring province, while a vessel in the Strait of Hormuz was struck by a projectile, causing a fire and forcing the crew to evacuate.

Oil prices had been expected to rise amid growing concerns about risks to supply from Saudi Arabia, which shut its East-West oil pipeline on Friday due to a drone strike that originated in Iraq. The loss of the pipeline threatens up to 4% of global oil supply.