BEIJING: Oil prices rose more than 2% on Monday, as additional Houthi raids on Saudi Arabia and Iranian attacks on Gulf ships exacerbated supply fears following the suspension of a critical Saudi oil pipeline. Brent crude futures increased $2.90, or 2.77 percent, to $107.51 per barrel at 2313 GMT. WTI futures gained $2.27, or 2.27 percent, to $102.32 a barrel. Prices initially rose by more than 3% at market open.
Saudi official media provided video images of damage to homes and a mosque in southern Jazan province, attributed to a Houthi attack. The Houthis said they had also attacked a Saudi military base in a neighbouring area.
A projectile struck a vessel in the Strait of Hormuz, creating a fire and forcing the crew to escape, the British maritime security organization UKMTO reported on Sunday.An Iranian commercial vessel was struck off Iran’s coast, resulting in one fatality and four injured crew members.
Oil prices are expected to rise on Monday due to concerns about supply threats from Saudi Arabia, the world’s largest oil exporter. On Friday, a drone strike in Iraq shut down the East-West oil pipeline. The pipeline’s destruction, which allowed Saudi Arabia to reroute its exports via the Strait of Hormuz, threatens up to 4% of global oil supplies.
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