Oil prices extended sharp gains on Monday, with crude prices soaring 3% to near $108 per barrel as fresh escalations in the Middle East spooked investors about worsening wartime disruption to global energy supplies.
Saudi Arabia and Iranian attacks on ships in the Gulf intensified supply concerns following the closure of a key Saudi oil pipeline. Saudi Arabian state media on Sunday released video footage of damage to homes and a mosque from what it claimed to be 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.
