Global crude oil prices jumped by more than 2 percent following renewed military escalations in Saudi Arabia and a maritime missile attack on a commercial vessel in the Strait of Hormuz.
Brent crude futures rose by $2.90, or 2.77 percent, to settle at $107.51 per barrel, while US West Texas Intermediate (WTI) crude advanced by $2.27, or 2.27 percent, to reach $102.32 per barrel. Early trading saw price spikes surpassing 3 percent driven by heightened supply security concerns across key Middle Eastern export channels.
The price surge follows Houthi drone and missile strikes targeting civilian and military infrastructure in Saudi Arabia’s southern Jizan province. Concurrently, the temporary precautionary shutdown of Saudi Arabia’s East-West Crude Oil Pipeline—a key alternative bypass around Persian Gulf shipping bottlenecks—compounded market volatility. In a separate maritime escalation, British maritime security agencies reported that a commercial vessel caught fire in the Strait of Hormuz after being struck by a projectile, forcing the crew to abandon ship and exacerbating regional transit risks.
