Add as a preferred source on GoogleOil Rises 2% as Saudi Attacks, Tanker Strikes Renew Hormuz Fears
Brent crude reached $106.80 a barrel and West Texas Intermediate climbed to $93.78 as attacks raised concerns about Gulf energy shipments.
Oil prices rose about 2% Monday as attacks in Saudi Arabia and incidents involving commercial vessels near the Strait of Hormuz revived concerns about disruptions to Middle East energy supplies.
Brent crude rose $2.09, or 2%, to $106.80 a barrel. West Texas Intermediate gained $1.93, or 2.1%, to $93.78. The prices were recorded at 9:16 a.m. ET (1316 UTC).
King Khalid International Airport in Riyadh was attacked Oct. 11, causing injuries and prompting damage and safety assessments. An Oct. 8 attack killed three Saudi citizens and injured others.
A tanker sailing out of the Strait of Hormuz was struck by an unidentified projectile Oct. 10, causing a fire on board, while the crew remained safe. A separate tanker incident near Sohar, Oman, on Oct. 11 was later classified as an attack after the vessel was confirmed to have been struck.
The Strait of Hormuz links the Persian Gulf with global oil markets, making any threat to tanker traffic a wider risk for energy and financial markets. Global oil demand is expected to decline by 2.5 million barrels per day in 2026.
Enna Lee
ReporterEnna Lee reports on investing and digital-asset markets for TokenPost. Send corrections or tips to info@tokenpost.com.