Middle East Tensions Send Oil Prices Soaring Above $100 Mark

Crude oil prices surged on Monday as tensions in the Middle East escalated, raising concerns over possible disruptions to global oil supplies.

Brent crude for November delivery gained 3.20% to $107.82 a barrel, while US benchmark West Texas Intermediate (WTI) for October delivery also rose 3.20% to $103.20.

The sharp increase came as markets closely watched developments in the Gulf and Red Sea, where shipping has faced major disruptions following the seizure of key ports by Houthi forces.

A Saudi Arabian pipeline was temporarily shut down after drone attacks, while a merchant vessel was struck in the Strait of Hormuz on Sunday, killing one person and injuring three others.