Global oil prices rose by $3.62 per barrel following attacks by the Houthis on Saudi Arabia on Sunday and reports of unidentified projectiles striking vessels in the Persian Gulf.
Reuters reported early Monday, September 14, that oil prices jumped by more than $3 at the start of trading in East Asia.
According to the report, Brent crude futures rose by $3.62, or 3.46 percent, to $108.23 per barrel. West Texas Intermediate (WTI) crude futures also increased by $3.15, or 3.15 percent, to $103.20 per barrel.
However, oil prices were already expected to rise on Monday as concerns grew over supply risks from Saudi Arabia, the world’s largest oil exporter. The country’s East-West oil pipeline was shut down last week following a drone attack originating from Iraq.
Experts have warned that if current tensions continue, crude oil prices could rise to as much as $120 per barrel during the winter.
