Brent crude rose 1.25% to $107.00 per barrel and WTI advanced 1.27% to $102.68 per barrel amid reports of fresh Houthi strikes on Saudi Arabia and Iranian attacks in the Gulf. Saudi Arabia closed its critical East-West pipeline, which bypasses the Strait of Hormuz, after drones launched from Iraq damaged it. Thirteen civilians were injured on Monday following a wave of ballistic missile and drone attacks by Houthi forces into Saudi Arabia. Komal Sri-Kumar, president of Sri-Kumar Global Strategies, said inflation is set to pick up given the attacks on pipelines and the closure of the Saudi East-West pipeline.
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