Crude Oil Prices Soar Past $107 Amid Middle East Tensions

Global crude oil prices have surged past $107 per barrel amid escalating tensions in the Middle East, fueled by fears of major disruptions to global energy supplies.

The international benchmark Brent crude rose above $107 a barrel after gaining 3.20 percent, while US benchmark West Texas Intermediate (WTI) for October delivery also rose 3.20 percent to $103.20 per barrel.

The latest price spike follows reports that Saudi Arabia temporarily shut down its critical East-West pipeline after drone strikes and a merchant vessel was struck in the Strait of Hormuz on Sunday, resulting in one fatality and three injuries.