Middle East Tensions Send Oil Prices Soaring

Oil prices surged to nearly $108 per barrel on concerns about global energy supplies following attacks on energy infrastructure in Saudi Arabia.

The increase was driven by fears of a reduction in production or disruption to transportation, which could affect the amount available on the market and push prices higher.

However, after a sharp rise at the start of the session, prices retreated from their highs, leaving investors to gauge whether supply problems will be short-term or long-lasting.