Oil prices jumped over 4% to a 16-week high on Monday as fresh energy infrastructure strikes in Saudi Arabia and ship attacks in the Middle East worsened supply worries.
Brent futures rose $4.68, or 4.5%, to $109.29 per barrel at 10:15 a.m. EDT, while U.S. WTI crude climbed $4.21, or 4.2%, to $104.26.
An attack knocked out Saudi Arabia's east-west pipeline on Friday, threatening up to 4% of global oil supply while commodity vessel transits through the Strait of Hormuz fell.