Oil Prices Soar as Saudi Pipeline Closure Deepens Supply Fears

Oil prices surged on Monday after attacks on Saudi Arabian infrastructure and faltering diplomatic efforts intensified concerns over Middle East supply.

The price of Brent crude jumped to around $108.20 a barrel, up 3.5%, while West Texas Intermediate gained 3.7% to about $103.70, according to the latest market pricing.

The shutdown of Saudi Arabia's East-West pipeline after drone attacks launched from Iraq damaged the route, which can carry up to 7 million barrels a day.

Diplomatic hopes weakened after a planned meeting between Iran and Gulf Arab states in Oman was postponed, with talks expected to discuss shipping arrangements through the Strait of Hormuz.