Oil surges $3+ as strikes hit Saudi, Hormuz shipping risk spikes

Brent and WTI jumped over 3% after new strikes on Saudi Arabia and near the Strait of Hormuz, raising supply disruption fears. The market is pricing a tangible risk to Gulf crude flows, though the extent of actual damage and duration of disruption remain unconfirmed. This escalation directly threatens a key chokepoint, amplifying geopolitical risk premium in oil.