Commodities
Oil Prices Soar Above $100 Amid Escalating Middle East Tensions
Oil prices surged on Monday, surpassing $100 for the first time since July amid escalating tensions in the Middle East.
The price of Brent crude from the North Sea rose 2.80% to $107.54 a barrel, while its US equivalent, West Texas Intermediate (WTI), traded up 2.29% at $102.34 a barrel.
The sharp increase comes as hostilities in the region intensify, with Saudi authorities announcing the temporary closure of the East-West oil pipeline due to attacks attributed to drones from Iraq.
Oman has also postponed a meeting between Iran and Gulf states regarding the future of the Strait of Hormuz, a strategic waterway controlled by Washington and Tehran.