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Oil prices surged on Monday as renewed Houthi attacks on Saudi Arabia and escalating tensions around the Strait of Hormuz intensified concerns over Middle East supply disruptions.
Brent crude futures jumped as much as 3.5% to $108.41 a barrel before easing slightly to $107.37 by 22:42 ET (02:42 GMT). West Texas Intermediate (WTI) crude climbed 3.9% to $102.84 a barrel, keeping both benchmarks near their highest levels of the year.
The latest rally followed additional attacks by Yemen’s Iran-aligned Houthi group against Saudi targets over the weekend. The Houthis have also strengthened their ability to target shipping through the Bab el-Mandeb strait, another crucial route for global oil and trade flows.
Last week, Houthi forces struck several major Saudi facilities, including an Aramco refinery, a fuel terminal, fuel plants and airports. Ships operating around Bab el-Mandeb were also targeted.
The attacks have become particularly significant because Saudi Arabia had diverted substantial oil shipments toward the Red Sea and Bab el-Mandeb as traffic through the Strait of Hormuz declined.
Saudi authorities have since shut the critical East-West oil pipeline following further Houthi attacks, reducing Riyadh’s ability to bypass disruptions in Hormuz.
“Riyadh has now lost the option to use western exports if the Strait of Hormuz deteriorates again,” ANZ analysts said, warning that the situation could put additional upward pressure on crude prices this week.
Geopolitical risks increased further after Oman postponed a planned meeting between Iran and Persian Gulf states. Omani Foreign Minister Sayyid Badr Albusaidi said Sunday that the talks, originally scheduled for Monday, had been delayed.
Expectations for the meeting had previously helped contain oil prices as investors hoped diplomacy could ease regional tensions and improve shipping conditions.
With no new date announced, uncertainty surrounding the Strait of Hormuz is likely to persist. Oil flows through the strategic waterway have already fallen to a fraction of prewar levels following renewed U.S.-Iran hostilities in August, keeping global energy markets focused on the risk of further supply shortages.
