Oil prices jump over 2%: Brent tops $107 as fresh Saudi, Strait of Hormuz strikes fuel supply fears

Brent crude climbs. Oil prices rose more than 2% on Monday as fresh Houthi attacks on Saudi Arabia and Iranian strikes on vessels in the Gulf added to supply concerns following the shutdown of a key Saudi oil pipeline.Brent crude futures rose $2.90, or 2.77%, to $107.51 a barrel by 2313 GMT. US West Texas Intermediate (WTI) crude gained $2.27, or 2.27%, to $102.32 a barrel.Prices had initially climbed more than 3% at the market open. Brent rose $3.62, or 3.46%, to $108.23 a barrel by 2214 GMT on Sunday, while WTI increased $3.15, or 3.15%, to $103.20 a barrel.Saudi state media on Sunday released footage showing damage to homes and a mosque in the southern Jazan province following what it described as a Houthi attack. Omani foreign minister Badr Albusaidi said on X on Sunday that a scheduled meeting between Gulf countries and Iran to discuss the Strait of Hormuz had been postponed.No peace talks have taken place in the war, which began six months ago with US and Israeli strikes, since an interim agreement reached in June collapsed after a few weeks.

Source: Times of India September 14, 2026 02:34 UTC