Oil Prices Soar Above $107 Per Barrel Amid Middle East Tensions
Oil prices surged on Monday, pushing Brent crude above $107 per barrel as tensions in the Middle East escalated and disrupted global energy supplies.
The Brent crude contract for November delivery rose by 2.8% to reach a price of $107.54 per barrel, while US benchmark West Texas Intermediate for October gained 2.3% to $102.34 per barrel.
The sharp increase in oil prices is largely attributed to the ongoing security concerns in the Middle East, where Saudi Arabia temporarily shut its East-West pipeline following drone attacks and a merchant vessel was struck in the Strait of Hormuz, killing one person and injuring three others.
Oman has also postponed talks between Iran and Gulf states on the future of the strategic waterway, which is a vital route for a large share of the world's seaborne oil trade.