Oil prices jump more than $3 after new strikes on Saudi, Strait of Hormuz

Oil prices surged more than $3 per barrel at the start of trading on Monday following fresh attacks on Saudi Arabia and ships in the Gulf on Sunday. Brent crude futures climbed $3.62, or 3.46%, to $108.23 per barrel, while WTI futures increased $3.15, or 3.15%, to $103.20 per barrel.

Saudi Arabian state media released footage on Sunday showing damage to homes and a mosque in the country's southern Jazan province from a Houthi strike, which Iran also claimed responsibility for. The Houthis said they had targeted a Saudi military base in a neighboring province as well.

A vessel in the Strait of Hormuz was hit by a projectile, resulting in a fire and the evacuation of the crew, according to the British maritime security agency UKMTO. Iran reported one death and four injuries among the crew of an Iranian commercial vessel struck off its coast.

Oil prices had been anticipated to climb on Monday due to heightened concerns over potential supply disruptions in Saudi Arabia, the world's largest oil exporter. The East-West oil pipeline supplying the country was shut last week by a drone strike originating in Iraq.