Doha: Oil prices surged around five percent on Monday, following Iranian attacks on ships in the Strait of Hormuz over the past 24 hours. Brent crude futures rose USD 5.75, or 5.3 percent, to USD 113.92 a barrel, while US West Texas Intermediate crude climbed USD 3.54, or 3.5 percent, to USD 105.48.

According to Qatar News Agency, Iran attacked a crude oil tanker operated by Abu Dhabi National Oil Company (ADNOC) with drones as it attempted to pass through the Strait of Hormuz, while South Korea said a fire and explosion occurred on board a ship operated by the South Korean shipping company HMM in the strait.