Oil Prices Surge on Saudi Strikes and Middle East Tensions
Oil prices surged on Monday as concerns over energy supplies mounted following new strikes on Saudi Arabian infrastructure and attacks on ships in the Middle East.
The Brent futures rose $1.07, or 1%, to settle at $105.68 per barrel, while US West Texas Intermediate (WTI) crude rose $1.34, or 1.3%, to settle at $101.39.
The Yemen's Iran-backed Houthis launched a new attack on Saudi Arabia, targeting aircraft hangars, radar systems, runways, and ammunition depots in retaliation for Saudi airstrikes in Yemen.
Russia, Ukraine, and interest rates also played a role as US President Donald Trump said that Ukraine and Russia had agreed not to hit each other's energy targets. The agreement could allow Russia to export more energy, further increasing global oil supplies.