Oil Prices Soar as Pipeline Shutdown and Middle East Tensions Escalate

Oil prices surged on Monday after a series of attacks in the Middle East. Brent crude futures rose $2.90, or 2.77%, to $107.51 per barrel as of 2313 GMT.

The increase was driven by concerns over supply disruptions following the shutdown of Saudi Arabia's key East-West oil pipeline due to a drone strike from Iraq.

Additionally, the Houthi rebels in Yemen claimed responsibility for striking a Saudi military base and a commercial vessel off its coast, causing damage and casualties.

The loss of the pipeline threatens up to 4% of global oil supply, while the disruptions have already pushed oil prices above $100 for the first time since July.