Oil prices jumped more than 2pc, after new Houthi strikes on Saudi Arabia and Iranian attacks on ships in the Gulf compounded supply concerns following the closure of a key Saudi oil pipeline, Reuters reports.

Brent crude futures rose $2.90, or 2.77 per cent, to $107.51 per barrel as of 2313 GMT. WTI futures rose $2.27, or 2.27pc, to $102.32 per barrel. Prices had initially risen more than 3%pc at market open.

Saudi Arabian state media on Sunday released video footage of damage to homes and a mosque from what it said was a Houthi attack on the country’s southern Jazan province. The Houthis said they had also struck a Saudi military base in a neighbouring province.

A vessel in the Strait of Hormuz was struck by a projectile, causing a fire and forcing the crew to be evacuated, the British maritime security agency UKMTO said on Sunday.