Oil Surges 2% on Saudi Attacks and Tanker Strikes Near Strait of Hormuz
Source Summary
Oil prices climbed to their highest levels in nearly two weeks on Monday as attacks on Saudi Arabia and oil tankers near the Strait of Hormuz renewed concerns about Middle East supply disruptions. West Texas Intermediate rose $1.93 to $93.78 per barrel (up 2.10%), while Brent crude gained $2.09 to $106.80 per barrel (up 2.00%). The supply concerns outweighed announcements of additional Russian diesel supplies and a Russia-Ukraine energy ceasefire.
Why it matters
Strait of Hormuz supply disruptions directly affect global oil availability and prices, with cascading effects on energy costs and economic activity worldwide.
