Middle East Tensions Send Oil Prices Skyrocketing Above $107

Oil prices surged to over $3 on Monday due to escalating tensions in the Middle East. Brent crude for November delivery climbed 2.8% to $107.54 per barrel, while U.S. West Texas Intermediate (WTI) for October delivery rose 2.3% to $102.34 per barrel.

This latest gain marks an extension of a rally that began last week when prices rebounded above the $100-per-barrel threshold. Market attention remains heavily focused on the Middle East, where fresh security concerns are threatening key export routes.

The Strait of Hormuz Navigation Restrictions are now in place, requiring all vessels transiting the strait to obtain prior passage authorization from Iran. Tehran is also evaluating a mechanism to impose service fees on commercial shipping, which could further disrupt global oil supply chains.