Oil Jumps 2% as Saudi Attacks and Tanker Strikes Revive Hormuz Fears
AI Summary
Oil prices rose about 2% after attacks in Saudi Arabia and strikes on tankers near the Strait of Hormuz renewed concerns about Middle East supply disruptions. The market gains came despite announcements of additional Russian diesel supplies and an energy ceasefire between Russia and Ukraine.
Oil prices climbed to their highest levels in nearly two weeks on Monday morning as fresh attacks on Saudi Arabia and oil tankers near the Strait of Hormuz put Middle East supply risks back at the center of the market, outweighing President Donald Trump's announcements of additional Russian diesel supplies and a Russia-Ukraine energy ceasefire. West Texas Intermediate was trading at $93.78 per barrel, up $1.93, or 2.10%, on Monday morning, while Brent crude rose $2.09, or 2.00%, to $106.80 per barrel, according to Oilprice.com data. The renewed…