LONDON
\nOil prices jumped more than 2% on Monday after new Houthi strikes on Saudi Arabia and Iranian attacks on ships in the Gulf compounded supply concerns following the closure of a key Saudi oil pipeline.
\nBrent crude futures rose $2.90, or 2.77%, to $107.51 per barrel as of 2313 GMT. WTI futures rose $2.27, or 2.27%, to $102.32 per barrel. Prices had initially risen more than 3% at market open. Saudi Arabian state media on Sunday released video footage showing damage to homes and a mosque from what it said was a Houthi attack on the country\u2019s southern Jazan province. The Houthis said they had also struck a Saudi military base in a neighbouring province.
\nA vessel in the Strait of Hormuz was struck by a projectile, causing a fire and forcing the crew to be evacuated, the British maritime security agency UKMTO said on Sunday. Iran said one person was killed and four crew members were wounded aboard an Iranian commercial vessel struck off its coast.
\nOil prices had been expected to rise on Monday amid growing concerns about risks to supply from Saudi Arabia, the world\u2019s largest oil exporter, whose East-West oil pipeline was shut on Friday by a drone strike that originated in Iraq. The loss of the pipeline, which helped Saudi Arabia reroute its exports while avoiding the Strait of Hormuz, threatens up to 4% of global oil supply.
\nMeanwhile, Yemen\u2019s Iran-aligned Houthis reached the strategic island of Perim on Friday, moving to tighten their control over the Bab el-Mandeb Strait, another key oil transit lane that has carried 4-5% of global supply in recent months.
\nOil surged 8% on the week due to the disruptions, rising above $100 for the first time since July.
\n\u201cLooking ahead, unless this week\u2019s talks in Oman produce something operational \u2014 or the East-West pipeline is brought back online quickly \u2014 the risk is that crude oil continues to extend its gains towards the $119.48 high of early March,\u201d IG market analyst Tony Sycamore said in a note on Sunday.
\nOmani Foreign Minister Badr Albusaidi said on X later on Sunday, however, that a scheduled Monday meeting in Oman between Gulf countries and Iran to discuss the Strait of Hormuz had been postponed.<\/p>\n","protected":false},"excerpt":{"rendered":"
LONDON Oil prices jumped more than 2% on Monday after new Houthi strikes on Saudi Arabia and Iranian attacks on ships in the Gulf compounded supply concerns following the closure of a key Saudi oil pipeline. Brent crude futures rose $2.90, or 2.77%, to $107.51 per barrel as of 2313 GMT. WTI futures rose $2.27, […]<\/p>\n","protected":false},"author":2,"featured_media":567325,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-567328","post","type-post","status-publish","format-standard","has-post-thumbnail","category-world"],"yoast_head":"\n