SAEDNEWS: Oil prices rose by more than 3% on Monday, with Brent crude futures increasing by $3.21, or 3.1%, to reach $107.82 per barrel as of 03:40 GMT.
According to Saednews, US West Texas Intermediate (WTI) crude went up $3.17, or 3.2 percent, to trade at $103.22.
The increases follow new Yemeni strikes on Saudi Arabia and attacks on ships in the Persian Gulf, compounding supply concerns after Saudi Arabia’s East-West oil pipeline was temporarily shut down following a drone attack.
The shutdown of the pipeline, which allows exports to bypass the Strait of Hormuz, threatens up to 4% of global oil supply.
