Oil Prices Surge Over 3% After Saudi Strikes and Strait of Hormuz Attacks

Oil prices surged more than 3% on Monday after new strikes on Saudi Arabia and the Strait of Hormuz, fueling concerns about global oil supply.

The attacks included a drone strike on the East-West oil pipeline, which helps Saudi Arabia avoid the Strait of Hormuz and re-route its exports. The shutdown threatens up to 4% of global oil supply.

Saudi Arabian state media released video footage of damage to homes and a mosque from what it said was a Houthi attack on the country's southern Jazan province.

A vessel in the Strait of Hormuz was struck by a projectile, causing a fire and forcing the crew to be evacuated. Iran said one person was killed and four crew members were wounded aboard an Iranian commercial vessel struck off its coast.