Oil prices surge over 2% following strikes in Saudi Arabia and Strait of Hormuz

Crude oil prices saw a significant jump following recent strikes in Saudi Arabia and the Strait of Hormuz. Brent crude futures increased by $2.90, or 2.77%, reaching $107.51 per barrel by 2313 GMT. Simultaneously, West Texas Intermediate (WTI) futures rose by $2.27, or 2.27%, to $102.32 per barrel. Market data indicates that prices had initially surged by more than 3% at the opening of the trading session.