Oil prices jump more than $3 after new strikes on Saudi, Strait of Hormuz
BEIJING — Oil prices rose more than $3 a barrel at the market open on Monday, after new strikes on Saudi Arabia and on ships in the Gulf on Sunday. Brent crude futures rose $3.62, or 3.46 percent, to $108.23 per barrel as of 2214 GMT (Sunday). WTI futures rose $3.15, or 3.15 percent, to $103.20 per barrel. Saudi Arabian state media on Sunday released video footage of damage to homes and a mosque…
Oil prices surged more than $3 per barrel upon the opening bell on Monday, following fresh strikes in Saudi Arabia and the Gulf region on Sunday. Brent crude futures climbed $3.62, representing a 3.46% increase to $108.23 per barrel at 2214 GMT (Sunday). West Texas Intermediate (WTI) futures climbed $3.15, or 3.15%, to $103.20 per barrel.
Saudi Arabia's state media released video footage on Sunday depicting destruction to homes and a mosque in the Houthi-attacked Jazan province in southern Saudi Arabia. The Houthis also claimed responsibility for striking a Saudi military base in an adjacent province.
Meanwhile, a vessel in the strategic Strait of Hormuz was targeted by a projectile, resulting in a fire that compelled the crew to evacuate. The British maritime security agency UKMTO reported the incident on Sunday. Iran confirmed one fatality and four injured crew members aboard an Iranian commercial vessel struck off its coast.
With oil prices expected to continue their upward trajectory amid heightened concerns over potential supply disruptions from Saudi Arabia, the world's leading oil exporter, the East-West oil pipeline had been shut last week following a drone strike originating in Iraq.
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