Strikes on Saudi Arabia and Hormuz send oil prices up by over 2%
Photo: initially the increase was more than three percent (Getty Images)
Oil prices rose again on Monday, September 14. The reason was new strikes by Yemeni Houthis on Saudi Arabia and Iranian attacks on vessels in the Strait of Hormuz, according to Reuters.
As the agency reports, Brent crude oil futures rose by $2.90 (2.77%), reaching $107.51 per barrel.
At the same time, WTI futures rose by $2.27 (2.27%), to $102.32 per barrel.
"Prices had initially risen more than 3% at market open," Reuters states.
What preceded this
The latest price jump occurred against the backdrop of Saudi state media publishing video on Sunday showing damage to houses and a mosque, presumably as a result of a Houthi attack on the southern province of Jazan. The Houthis also claimed to have struck a Saudi military base in the neighboring province.
Additionally, the British maritime security agency UKMTO reported on Sunday that a vessel in the Strait of Hormuz was hit by a projectile, causing a fire and forcing the crew to evacuate.
What else is important to know
On Friday, September 11, oil prices exceeded the $100 per barrel mark for the first time since mid-May. In particular, Brent crude was trading above $108. This all occurred against the backdrop of the Houthis maintaining control over the port of Mocha.
