Oil prices surge over $3 following fresh attacks on Saudi Arabia and Strait of Hormuz

Global oil prices surged sharply following new strikes targeting Saudi Arabia and the Strait of Hormuz. Brent crude futures climbed $3.62 per barrel, a gain of 3.46%, to reach $108.23 per barrel as of 2214 GMT on Sunday. West Texas Intermediate (WTI) futures rose $3.15 per barrel, up 3.15%, to $103.20 per barrel.

The price movement reflects renewed geopolitical tensions in the Middle East, a region critical to global energy supply. Such volatility can impact energy costs across dependent economies, including India.