Brent Crude Soars Above $107 as Middle East Tensions Intensify
Oil prices surged on Monday, with Brent crude rising above $107 a barrel amid escalating tensions in the Middle East. The spike comes as Houthi forces seized key ports in the Gulf and Red Sea shipping lanes, disrupting global energy supplies.
The price of Brent for November delivery jumped 3.20 per cent to $107.82 a barrel, while US benchmark West Texas Intermediate for October rose 3.20 per cent to $103.2. This follows last week's rally that pushed both contracts back above the $100 mark.
Markets remain focused on security developments in the Gulf and Red Sea shipping lanes, where Iranian authorities have tightened control over the Strait of Hormuz. Non-compliant ships face strikes, while vessels are required to seek permission to transit the strait.