Oil prices surged Monday after Yemen's Iran-aligned Houthis launched their first attacks on Israel since the U.S.-Israel war with Iran began, widening Middle East conflict.
Brent crude futures jumped $3.16, or 2.81%, to $115.73 a barrel. U.S. West Texas Intermediate reached $102.77 a barrel, up $3.13, or 3.14%. Both benchmarks posted significant gains from Friday's sessions.
The weekend strikes mark an expansion of hostilities in the volatile region, driving investors toward safe-haven energy assets.