Oil Prices Soar Above $100 as Saudi Attacks and Disruptions Fuel Fears

Oil prices surged on Monday as global crude supplies came under renewed pressure from attacks in Saudi Arabia and disruptions to key pipelines. Brent crude futures rose by $3.21, or 3.1%, to reach $107.82 per barrel during trading.

The increase was the largest single-day gain for Brent since mid-July and pushed prices above the $100-per-barrel mark once again. This marks a significant milestone as it's been over three months since oil prices have exceeded this level.

US West Texas Intermediate (WTI) crude futures also gained ground, rising by $3.17, or 3.2%, to reach $103.22 per barrel. The surge in oil prices is attributed to ongoing concerns over global supplies and the impact of recent attacks on key infrastructure.