Middle East Tensions Send Oil Prices Soaring Amid Energy Supply Worries

Escalating tensions in the Middle East have driven oil prices up by more than two percent, according to international markets. The price surge is largely due to concerns over energy supplies following a series of events in the region.

The light crude oil futures for October delivery on the New York Mercantile Exchange rose 2.61%, while November delivery Brent crude oil futures in London increased by 2.83% as of 18:30 Beijing time.

Iran reported that it had shot down a U.S. military drone over the Strait of Hormuz following U.S. President Donald Trump's remarks on Sunday regarding potential actions against Iran and its oil control.

Saudi Arabia also announced the shutdown of its East-West Pipeline as a precautionary measure after multiple attacks targeted the pipeline in Riyadh region and western Medina region, causing several injuries.