Oil Prices Soar Amid Middle East Tensions

Oil prices rose over 2% on Monday after recent attacks on Saudi Arabian energy infrastructure and ships in the Middle East.

Brent futures increased by $2.72, or 2.6%, to reach $107.33 per barrel at 11:39 a.m. EDT (1539 GMT), while U.S. West Texas Intermediate (WTI) crude rose $2.51, or 2.5%, to $102.56.

The increases followed strikes on Saudi Arabia's east-west pipeline and ships in the Middle East, which have raised concerns about energy supplies.

Janiv Shah, oil markets analyst at Rystad, noted that the relatively contained price reaction suggests the market still expects Saudi inventories to cushion exports in the near term, but if the disruption extends beyond the five-to-seven-day inventory cushion, it could change quickly.