Saudi Pipeline Shutdown Sends Oil Prices Soaring Above $108

Oil prices surged on Monday after drone attacks forced Saudi Arabia to shut its East-West crude pipeline, adding to concerns about energy supplies and shipping routes across the Middle East.

The Brent crude price rose by as much as 3.25% to $108.03 a barrel, following several attacks against Saudi Arabia by Yemen's Iran-aligned Houthi forces.

The group also captured Perim, a strategically located island in the Bab al-Mandab strait, expanding its control around a waterway used by international shipping.

Traders warned that Saudi export supplies could run low within days if the pipeline does not reopen.