- Crude oil prices rose sharply due to new attacks on vessels in the Gulf region
- Brent crude futures increased 3% to $107.74 and WTI futures rose 2.88% to $102.93
- Houthi attacks damaged homes and a mosque in Saudi Arabia's Jazan province
Crude oil prices jumped on Monday amid concerns over supply disruption after fresh wave of attacks on vessels in the Strait of Hormuz and other regions in the Gulf region.
Brent crude futures surged 3% to $107.74 per barrel, while WTI futures gained 2.88% to $102.93 per barrel.
A report by Saudi Arabian state media showed Houthi attack on the country's southern Jazan province, with damage to homes and a mosque. The Houthis had also struck a Saudi military base in a neighbouring province.
Meanwhile, the British maritime security agency UKMTO said a vessel in the Strait of Hormuz was struck by a projectile, causing a fire and forcing the crew to be evacuated.
ALSO READ: West Asia Crisis: 1 Indian Missing Following Attack On Panama-Flagged Tanker
On Friday, Saudi Arabia's East-West oil pipeline was shut by a drone strike that originated in Iraq. The pipeline had helped Saudi Arabia re-route its exports avoiding the Strait of Hormuz. However, the closure of the pipeline of the world's largest oil exporter threatens up to 4% of global oil supply.
Last week, crude oil prices jumped 8% due to the disruptions, rising above $100 for the first time since July.
A scheduled meeting in Oman between Gulf countries and Iran to discuss the Strait of Hormuz had been postponed, Omani Foreign Minister Badr Albusaidi informed on X.
ALSO READ: Trump Says 'Doesn't Care' If Gulf Nations Meet Iran Over Strait Of Hormuz
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
