Oil prices jumped over 4% to a 16-week high on Monday after new strikes on Saudi Arabian energy infrastructure and attacks on ships in the Middle East compounded energy supply concerns.Brent futures
Oil prices jumped over 4% to a 16-week high on Monday after new strikes on Saudi Arabian energy infrastructure and attacks on ships in the Middle East compounded energy supply concerns.
Brent futures rose $4.68, or 4.5%, to $109.29 per barrel at 10:15 a.m. EDT (1415 GMT), while U.S. West Texas Intermediate (WTI) crude rose $4.21, or 4.2%, to $104.26.
That kept both benchmarks in technically overbought territory for more than a week and put Brent and WTI on track for their highest closes since May 19.
Arab states in the Gulf called off a meeting with Iran planned for Monday, while Yemen's Iran-backed Houthis launched a new attack on Saudi Arabia after fighting that has extended the Middle East war to another theatre and further jeopardised global oil supplies.
The Houthis said they fired dozens of missiles and drones on Monday at a Saudi military airbase in Khamis Mushait, near the border, hitting aircraft hangars, radar systems, runways and ammunition depots.
On Friday, an attack, which Riyadh blamed on Iran-backed fighters in Iraq, knocked out Saudi Arabia's east-west pipeline, which helps Saudi Arabia avoid the Strait of Hormuz by re-routing oil shipments to the Red Sea, threatening up to
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