Saudi Strikes Send Oil Prices Soaring Amid Middle East Tensions

Oil prices rose by about 1% on Monday after Saudi Arabia faced new attacks on its energy infrastructure and ships in the Middle East.

The Houthi rebels, backed by Iran, launched a strike on a military airbase in southern Saudi Arabia, targeting aircraft hangars, radar systems, runways, and ammunition depots.

This attack followed a similar strike that knocked out Saudi Arabia's east-west pipeline, which allows Gulf oil exports to bypass the Strait of Hormuz.

The pipeline, which accounts for up to 4% of global oil supply, was hit by Iran-backed fighters in Iraq on Friday.