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Middle East Tensions Send Oil Prices Soaring Above $100

Guavy AI Editorial Team
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Oil
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Oil prices surged on Monday as escalating tensions in the Middle East fueled concerns about potential disruptions to global energy supplies.

Brent crude for November delivery rose by 2.8 percent to $107.54 a barrel, while US benchmark West Texas Intermediate for October increased by 2.3 percent to $102.34.

The market's focus remained on the Middle East, where recent security concerns posed threats to key export routes.

Saudi Arabia temporarily shut its East-West pipeline after drone attacks, and a merchant vessel was struck in the Strait of Hormuz on Sunday, killing one person and injuring three others, according to Iranian authorities.

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