London: Oil prices jumped more than 2% on Monday after renewed Houthi attacks on Saudi Arabia and Iranian attacks on ships in the Gulf exacerbated supply concerns following the closure of a major Saudi oil pipeline.

According to National Iraqi News Agency, by 2313 GMT, Brent crude futures had risen $2.90, or 2.77%, to $107.51 a barrel. West Texas Intermediate crude futures rose $2.27, or 2.27%, to $102.32 a barrel. Prices had initially risen by more than 3% when the market opened.

The recent attacks have heightened fears over the stability of oil supplies in the region, which is a key area for global energy production and transportation. The closure of a significant Saudi oil pipeline due to these security threats has further contributed to the overall rise in oil prices.

Market analysts are closely monitoring the situation as tensions in the Gulf region continue to impact global oil markets. The geopolitical instability has led to increased volatility in oil prices, with traders reacting to developments in real-time as the situation unfolds.

The Houthi and Iranian attacks underscore the fragile nature of oil supply routes in the Gulf, which are critical for meeting global energy demand. The international community is expressing concern over the potential for further disruptions in oil supply, which could have broader economic implications.