Saudi Pipeline Shutdown Sends Oil Prices Soaring Again

Oil prices surged nearly 3 percent on Monday after new attacks on Saudi Arabian energy infrastructure and Iranian ships in the Strait of Hormuz exacerbated global supply concerns. The price increase comes as a key Saudi oil pipeline was temporarily shut down following a drone attack, threatening up to 4 percent of global oil supply.

The East-West pipeline is crucial for Saudi Arabia's energy exports, allowing it to avoid the busy Strait of Hormuz and re-route its supplies. With the pipeline out of commission, the port of Yanbu on the Red Sea has only enough inventory to cover five to seven days of exports, according to industry sources.

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