Oil prices up over 3% following new strikes on Saudi, Strait of Hormuz

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 3% 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.

Brent crude futures LCOc1 rose $3.21, or 3.1%, to $107.82 per barrel as of 0340 GMT. WTI futures LCOc1 gained $3.17, or 3.2%, to $103.22 per barrel.

"This follows a step-up in attacks on Saudi Arabian energy infrastructure, including targeting the crucial east-west pipeline," said ING commodity strategists, although noting that it was unclear how severe any potential damage was or how long the pipeline would be out of action.