Crude oil prices climbed as Houthi attacks on Saudi facilities and the shutdown of a major pipeline exacerbated supply disruption fears, while the delay of regional diplomatic talks added to market volatility.
Brent and WTI crude futures surged over 3% on Monday following renewed Houthi attacks on Saudi infrastructure and the closure of a key East-West pipeline. The postponement of critical regional diplomatic talks between Iran and Gulf states has further fueled market anxiety regarding energy supply security.
Prices are rising because recent Houthi attacks on Saudi infrastructure and the postponement of regional talks between Iran and Gulf states have heightened fears of sustained supply chain disruptions.