Oil prices jump more than 2% after new strikes on Saudi, Strait of Hormuz

<p>Oil prices jumped more than 2% on Monday, after new Houthi strikes on Saudi Arabia and Iranian attacks on ships in the Gulf compounded supply concerns following the closure of a key Saudi oil pipeline.</p> <p>Brent crude futures rose $2.90, or 2.77%, to $107.51 per barrel as of 2313 GMT. WTI futures rose $2.27, or 2.27%, to $102.32 per barrel. Prices had initially risen more than 3% at market open.</p> <p>Saudi Arabian state media on Sunday released video footage of damage to homes and a mosque from what it said was a Houthi attack on the country's southern Jazan province. The Houthis said they had also struck a Saudi military base in a neighbouring province.</p> <p>A vessel in the Strait of Hormuz was struck by a projectile, causing a fire and forcing the crew to be evacuated, the British maritime security agency UKMTO said on Sunday.</p> <p>Iran said one person was killed and four crew wounded aboard an Iranian commercial vessel struck off its coast.</p> <p>Oil prices had been expected to rise on Monday amid growing concerns about risks to supply from Saudi Arabia, the world's largest oil exporter, whose East-West oil pipeline was shut on Friday by a drone strike that originated in Iraq.</p> <p><em>Source: MyJoyOnline</em></p>