Eco
Global oil prices surged over 2% in Monday's trading, propelled by escalating concerns over crude supplies. This rise occurred amidst reports of fresh attacks on Saudi Arabia and vessels in the Gulf, coupled with the closure of a major Saudi oil pipeline connecting the East and West. Brent crude futures climbed $2.90, or 2.77%, to reach $107.51 per barrel. West Texas Intermediate (WTI) crude also advanced $2.27, or 2.27%, settling at $102.32. Houthi attacks on southern Saudi Arabia, along with a vessel being hit by a projectile in the strategic Strait of Hormuz, deepened worries regarding oil supply flows. Additionally, a commercial ship was reported attacked off the Iranian coast. Further complicating the situation, the Saudi East-West oil pipeline closure threatens a loss of up to 4% of global supplies. Concurrently, risks are mounting in the Bab al-Mandeb Strait, a vital waterway transporting approximately 4% to 5% of these supplies. Notably, oil prices had climbed around 8% last week, surpassing $100 per barrel for the first time since last July.
