Saudi Arabia Attacks Spark Oil Price Surge

Oil prices surged on Monday, rising over $3 per barrel after weekend attacks in Saudi Arabia and the Strait of Hormuz. The Brent crude price jumped to $108.23 per barrel, a 3.46% increase, while U.S. West Texas Intermediate (WTI) futures climbed 3.15% to $103.20 per barrel.

The attacks on Saudi territory have fueled concerns over supply risks from the world's top oil exporter. A pipeline shutdown and stalled diplomatic efforts are adding pressure on global markets. The East-West pipeline, which can carry up to 7 million barrels of crude per day, remains shut down after a drone strike last week.

A planned meeting in Oman between Gulf states and Iran was postponed due to the need for consensus following the pipeline attack. Analysts warn that continued disruption could push crude prices toward $119.48, unless diplomatic talks resume or the pipeline returns to service quickly.