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Commodities

Oil Prices Soar Above $107 as Supply Concerns Intensify

Guavy AI Editorial Team
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Oil prices surged on Monday, rising more than 3% to reach record highs. Brent crude futures gained $3.21, or 3.1 percent, to trade at $107.82 a barrel as of 03:40 GMT.

The increase in oil prices follows new Yemeni strikes on Saudi Arabia and attacks on ships in the Persian Gulf, compounding supply concerns after Saudi Arabia's East-West oil pipeline was temporarily shut down following a drone attack.

The shutdown of the pipeline threatens up to 4% of global oil supply, exacerbating existing tensions in the region. The rise in oil prices is significant, with Brent crude now trading above $107 per barrel for the first time this year.

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