Middle East Tensions Send Oil Prices Soaring

Oil prices surged over 3% on Monday after attacks on Saudi energy infrastructure and shipping in the Middle East intensified concerns over global crude supplies.

Brent crude futures rose $3.43, or 3.3 percent, to $108.04 a barrel by 2:24 p.m. PKT, while US West Texas Intermediate (WTI) crude gained $3.49, or 3.5 percent, to $103.54 a barrel.

The attacks on Saudi Arabia's East-West oil pipeline and the Strait of Hormuz have disrupted as much as 4% of global oil supply, according to market estimates.

The disruption threatens to further restrict energy flows through the region, with industry sources warning that Yanbu currently has enough inventories to maintain exports for only around five to seven days if the pipeline remains out of operation.