Oil prices up over 2% following new strikes on Saudi, Strait of Hormuz

Yemen's Iran-aligned Houthis reached the strategic island of Perim on Friday, moving to tighten their control over the Bab el-Mandeb strait, another key oil transit lane that has been carrying 4%-5% of global supply in recent months.

Oil surged 8% higher last week due to the disruptions, rising above $100 for the first time since July.

Omani Foreign Minister Badr Albusaidi said on X on Sunday that a scheduled Monday meeting in Oman between Gulf countries and Iran to discuss the Strait of Hormuz had been postponed.

No peace talks have been held on the war, launched six months ago by the United States and Israel, since an interim agreement in June collapsed.

Oil prices rose more than 2% on Monday, after new strikes on Saudi Arabian energy and civilian infrastructure and Iranian attacks on ships in the Gulf compounded supply concerns following the closure of a key Saudi oil pipeline.