Oil Prices Volatile Amid Gulf Attacks and Strait of Hormuz Concerns

Oil prices were mixed on Monday as attacks on Gulf oil production facilities continued to cause concern. Brent crude futures rose by $0.16 to $103.30 a barrel, while US West Texas Intermediate crude fell by $1.50 to $97.21.

The price surge is attributed to the recent attacks on Iran's Kharg Island oil export hub and the US-Israeli strikes that halted shipping through the Strait of Hormuz, a critical waterway for 20% of global oil supplies.

Oil loading operations have resumed at the UAE port of Fujairah after a drone attack halted them earlier. The facility handles about 1 million barrels per day of the UAE's flagship Murban crude oil.

The International Energy Agency (IEA) warned that the war in the Middle East is creating the biggest oil supply disruption in history, with major oil producers like Saudi Arabia, Iraq, and the UAE cutting production.