Commodities
Brent Crude Price Soars as Tensions in the Middle East Escalate
The price of Brent crude oil surged on Monday following reports of attacks on Saudi Arabia and the Strait of Hormuz. The attacks led to a significant jump in prices, with Brent crude futures rising by $3.62, or 3.46%, to reach $108.23 a barrel.
Reuters reported that West Texas Intermediate (WTI) crude futures also rose by $3.15, or 3.15%, to trade at $103.20 a barrel.
The price hike is attributed to the ongoing tensions in the region, which have been causing uncertainty among investors and traders.