Middle East Tensions Send Oil Prices Soaring Past $107 Per Barrel

Oil prices surged on Monday, pushing Brent crude above $107 per barrel due to escalating tensions in the Middle East.

The region's stability is a crucial factor in global energy supplies, and concerns over disruptions have driven up prices. Brent crude for November delivery rose by 2.8%, while US benchmark West Texas Intermediate for October increased by 2.3% to $102.34 per barrel.

The sharp gains follow last week's climb above the $100 threshold. The current situation has been exacerbated by Saudi Arabia shutting an oil pipeline after a drone attack and Iran-backed Houthis taking control of a key island overlooking the Bab el-Mandeb Strait, a critical chokepoint for Red Sea maritime traffic.