Oil prices surge as attacks force Saudi Arabia to close east-west pipeline

Crude prices climbed past $107 a barrel as drone attacks shut Saudi Arabia's east-west pipeline and Houthi forces seized a strategic Red Sea island.

• Brent rose $3.21 to $107.82 a barrel Monday, with US West Texas Intermediate gaining $3.17 to $103.22.
• Saudi Arabia closed its east-west crude pipeline after a drone attack launched from Iraqi territory, halting rerouting of about 4 million barrels a day, roughly 4 percent of global supply.
• Iran-aligned Houthi forces captured the strategic island of Perim in the Bab al-Mandab strait on Sunday.
• Iraq's government confirmed the attacks were launched from its territory and ordered an investigation.