Oil Prices Surge as Hormuz, Houthi & Ukraine Conflicts Escalate. Brent crude rose 3.7% to $109.86/barrel and WTI gained 3.5% to $101.41 after attacks in the Strait of Hormuz disrupted tanker traffic, Houthis fired missiles at Saudi oil facilities, and Ukraine threatened strikes on Russian refineries. US crude inventories also fell sharply due to Hurricane Isaias.