Oil prices rise after drone attacks shut down Saudi Arabia’s East-West pipeline

Oil prices climbed above $107 a barrel following drone attacks that forced Saudi Arabia to shut its east-west crude pipeline. Brent crude surged up to $108, marking a 3% daily increase, as Houthi rebels in Yemen targeted oil infrastructure and captured a strategic island in the Bab al-Mandab strait. Consequently, global stocks fell on Monday, as investors reacted to the price spike alongside anticipated interest-rate hikes in the United States and Japan during the current week.