How did the latest Gulf attacks and supply disruptions drive oil prices higher, including Brent’s rise to $108.23 and WTI’s rise to $103.20 at Monday’s open, what happened in the weekend attacks on Saudi Arabia and a vessel in the Strait of Hormuz, how did the shutdown of Saudi A

The market repriced crude higher because the weekend violence added immediate shipping risk in Hormuz to an already critical Saudi export bottleneck. At Monday’s open, Brent jumped $3.62 (3.46%) to $108.23 a barrel and WTI rose $3.15 (3.15%) to $103.20, reflecting fears that disruptions could become a material physical supply loss rather than merely a transit delay. 1

Weekend attacks and the immediate price move

• Saudi state media showed damage to homes and a mosque in Jazan province from what it said was a Houthi attack; the Houthis also said they struck a Saudi military base in a neighboring province. 1
• In the Strait of Hormuz, UKMTO reported that a projectile hit a vessel, causing a fire and requiring evacuation of the crew; Iran said an Iranian commercial vessel off its coast suffered one fatality and four injuries. 1
• These incidents came after the drone-damaged Saudi East-West pipeline remained shut, combining risks to Saudi export capacity with risks to the waterway through which Gulf oil travels. 1

Why the pipeline and Perim matter

• The East-West pipeline had been rerouting about 4 million barrels per day to Yanbu on the Red Sea—roughly 4% of global oil supply—and had allowed Saudi exports to bypass the wartime disruption in Hormuz. 2
• With the pipeline closed, Yanbu’s inventories could reportedly sustain exports for only about five to seven days; Saudi also holds smaller stocks in Egypt, but those would not solve a prolonged loss of pipeline throughput. 2
• The Houthis’ seizure of Perim Island, at the Bab el-Mandeb entrance to the Red Sea, threatens another chokepoint for oil shipping. The supplied evidence does not independently substantiate the specific 4%–5% global-supply figure for Perim, but control of the island clearly heightens risk to Red Sea traffic and Saudi shipments. 23
• Repair timing is uncertain: sources gave estimates ranging from days to five or six weeks, and Saudi authorities had not publicly detailed the damage or a restart date. 23

Why crude had already risen above $100

• Oil had already surged roughly 8% in the prior week and crossed $100 for the first time since July as the broader six-month U.S.-Israel war with Iran constrained Hormuz flows and tightened available Middle East supply. 3
• The latest attacks removed two potential relief valves at once: safer Saudi pipeline exports to the Red Sea and confidence that transit through Hormuz would normalize. 12

Oman talks: why the postponement matters

• The Oman meeting was intended to address shipping arrangements through Hormuz between Iran and Gulf states, but it was postponed “in the interests of consensus,” undermining hopes of a near-term de-escalation. 3
• Iran indicated that it would not reopen Hormuz until U.S. demands were met, so postponement means no immediate operational arrangement for safer or restored flows. 3
• In that context, the delay signals that the June interim diplomacy has not produced a durable mechanism to reopen shipping routes or reduce conflict-related supply risk. Insufficient evidence in the supplied material establishes the precise terms or failure details of that June agreement.

Price risk from here

• If Oman diplomacy yields no operational shipping arrangement and the East-West pipeline is not restored quickly, the market could keep pricing in a worsening physical shortfall once Yanbu stocks are depleted. 12
• IG analyst Tony Sycamore said that under those conditions crude could extend gains toward $119.48, the high reached near March. That is an analyst scenario, not a forecast or certainty. 1