Middle East Tensions Spark Oil Price Surge

Oil prices surged in Asian trade on Monday as tensions in the Middle East escalated. Brent crude rose to $108 per barrel and WTI jumped to $103 due to increased pressure on key export routes.

The Strait of Hormuz, a critical oil transit point, is under threat from tanker attacks and drone strikes. The situation has become even more volatile after Iran-aligned Houthi forces in the Red Sea began targeting Saudi shipments.

Saudi Arabia's East-West pipeline, which bypasses the Strait of Hormuz, was shut down over the weekend following a drone attack on Thursday. The closure leaves Saudi export routes exposed at a time when the strait itself is under pressure.