Oil prices up over 3% following new strikes on Saudi, Strait of Hormuz
Oil prices rose more than 3% on Monday, after new Houthi strikes on Saudi Arabia and Iranian attacks on ships in the Gulf compounded supply concerns following the closure of a key Saudi oil pipeline. Brent crude futures rose $3.21, or 3.1%, to $107.82 per barrel as of 0340 GMT. WTI futures gained $3.17, or 3.2%, to $103.22 per barrel. “This follows a step-up in attacks on Saudi Arabian energy infrastructure, including targeting the crucial east-west pipeline,” said ING commodity strategists, although noting that it was unclear how severe any potential damage was or how long the pipeline would be out of action.