Brent Crude Surges Past $108 on Middle Eastern Supply Disruptions

Brent crude oil prices have extended their rally, surging past $108 per barrel on Tuesday. This marks the highest price in over four months.

The increase is attributed to mounting curbs to supply from the Middle East and fresh setbacks on Libyan output.

Saudi Arabia closed its East-West pipeline following attacks from Iraqi territory, suspending activity in infrastructure that allocated 7 million barrels per day of Saudi oil to the Red Sea.

This development forced major OPEC members to cut oil production. Saudi's output recently dropped to its lowest since 1990.