Commodities
Middle East Escalation Sends Oil Prices Skyrocketing Above $107
Oil prices surged on Monday as escalating tensions in the Middle East raised concerns over disruptions to global energy supplies.
The Brent crude price for November delivery jumped 2.8 percent, exceeding $107 a barrel, while US benchmark West Texas Intermediate for October rose 2.3 percent to $102.34.
The gains follow last week's climb above the $100 threshold, as global oil supplies face new challenges.
Saudi Arabia shut an oil pipeline after a drone attack and Iran-backed Houthis took control of a key island overlooking the Bab el-Mandeb Strait, a chokepoint for Red Sea maritime traffic.