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Oil prices jump more than 2% after new strikes on Saudi, Strait of Hormuz

International

14 hours ago

Oil prices jump more than 2% after new strikes on Saudi, Strait of Hormuz

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Oil prices jumped more than 2% 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 LCOc1 rose $2.90, or 2.77%, to $107.51 per barrel as of 2313 GMT. WTI futures LCOc1 rose $2.27, or 2.27%, to $102.32 per barrel. Prices had initially risen more than 3% at market open.

Saudi Arabian state media on Sunday released video footage of damage to homes and a mosque from what it said was a Houthi attack on the country's southern Jazan province. The Houthis said they had also struck a Saudi military base in a neighboring province.

A vessel in the Strait of Hormuz was struck by a projectile, causing a fire and forcing the crew to be evacuated, the British maritime security agency ‌UKMTO said on Sunday.

Iran said one person was killed and four crew wounded aboard an Iranian commercial vessel struck off its coast.

Oil prices had been expected to rise on Monday amid growing concerns about risks to supply from Saudi Arabia, the world's largest oil exporter, whose East-West oil pipeline was shut on Friday by a drone strike that originated in Iraq.

Posted by: AAngeles/NET25 News