Commodities
Oil Prices Soar Above $100 Amid Supply Concerns
Oil prices surged more than $3 per barrel on Monday as concerns over potential disruptions to global crude supplies mounted.
The price of Brent crude futures gained $3.62, or 3.46%, to reach $108.23 per barrel, while US West Texas Intermediate (WTI) crude futures rose $3.15, or 3.15%, to $103.20 per barrel.
These gains pushed both major oil benchmarks above the $100-a-barrel threshold, highlighting heightened concerns among market participants over potential disruptions to global crude supplies.
The latest developments came after Saudi Arabia's Ministry of Energy announced the 'precautionary closure' of the East-West pipeline in the Riyadh and Medina regions.