Commodities
Oil Prices Soar on Global Supply Concerns
Oil prices jumped sharply on Monday as concerns over global supplies pushed crude prices higher. The rise in oil prices was driven by growing fears of potential disruptions to crude supplies, with key benchmarks surpassing the $100-a-barrel threshold.
The price surge saw Brent crude futures gain $3.62, or 3.46%, to $108.23 per barrel, while US West Texas Intermediate (WTI) crude futures rose $3.15, or 3.15%, to $103.20 per barrel.
The latest gains were triggered by the announcement of a 'precautionary closure' of Saudi Arabia's East-West pipeline in the Riyadh and Medina regions, sparking concerns over potential supply disruptions.