Oil Prices Surge on Saudi Strike Fears

Oil prices surged by nearly 1% on Monday as concerns over energy supplies mounted following new strikes on Saudi Arabian energy infrastructure and attacks on ships in the Middle East.

The Brent futures rose $1.07 to settle at $105.68 per barrel, while US West Texas Intermediate (WTI) crude rose $1.34 to settle at $101.39.

The increase was attributed to worries about supply disruptions after Yemen's Iran-backed Houthis launched a new attack on Saudi Arabia, targeting a military airbase in Khamis Mushait.

The Houthi attack marked the latest escalation in the conflict between Saudi-led coalition forces and the Iran-backed rebels in Yemen. The strike also knocked out Saudi Arabia's east-west pipeline, which threatens up to 4% of global oil supply.