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Commodities

Brent Crude Tops $107 as Middle East Tensions Fuel Oil Price Surge

Guavy AI Editorial Team
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Oil
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Oil prices surged on Monday as tensions in the Middle East pushed Brent crude above $107 a barrel, raising fears of supply disruptions.

The price of Brent crude for November delivery rose by 2.8% to $107.54 a barrel, while US benchmark West Texas Intermediate for October increased by 2.3% to $102.34.

Concerns over the security of key oil export routes in the Middle East have driven the market's focus towards this region.

Saudi Arabia temporarily shut its East-West pipeline following drone attacks, and a merchant vessel was struck in the Strait of Hormuz on Sunday, killing one person and injuring three others.

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