Middle East Tensions Spark Oil Price Surge

Oil prices surged on Monday as tensions in the Middle East intensified, driving Brent crude above $107 a barrel.

The price of Brent crude for November delivery jumped 2.8% to $107.54 a barrel, while US benchmark West Texas Intermediate for October rose 2.3% to $102.34.

The market's focus remained on the Middle East, where security concerns threatened key export routes after Saudi Arabia temporarily shut its East-West pipeline following drone attacks.

A merchant vessel was also struck in the Strait of Hormuz on Sunday, killing one person and injuring three others, according to Iranian authorities.