Saudi Strikes Send Oil Prices Soaring Over $3

Oil prices surged more than $3 after new strikes on Saudi Arabia and the Strait of Hormuz, a key shipping route. The attacks, which occurred in recent hours, have heightened concerns about global supply and raised fears of a wider conflict.

The price jump was led by Brent crude, which rose 2.7% to trade at $69.63 per barrel on the London-based ICE Futures Europe exchange. WTI crude also gained ground, climbing 3.1% to $65.83 per barrel on the New York Mercantile Exchange.

The attacks on Saudi Arabia and the Strait of Hormuz have raised concerns about global oil supplies and prices. The Strait is a critical waterway that connects the Persian Gulf to the Arabian Sea and serves as a key route for international trade. The recent incidents are likely to exacerbate existing tensions in the region.