Commodities
Oil Prices Soar Over 3% Amid Attacks on Saudi Arabian Energy Infrastructure
Oil prices surged more than 3% on Monday after attacks on Saudi Arabian energy infrastructure and ships in the Middle East heightened supply concerns.
The Brent crude futures price rose $3.21, or 3.1%, to $107.82 per barrel by 1218 GMT, with a session high of $108.65.
The US WTI futures price gained $2.77, or 2.8%, to $102.82, while global bond markets came under pressure from higher energy prices feeding inflation and higher interest rates.
Saudi Arabia's East-West Pipeline was temporarily shut following a drone attack, threatening up to 4% of the global oil supply.
Industry analysts warn that if the disruption extends beyond five to seven days, it could change quickly due to Saudi inventories cushioning exports in the near term.