Oil Prices Soar Past $107 Amid Middle East Tensions
Crude oil prices have surged past $107 per barrel amid escalating tensions in the Middle East, fueling fears of major disruptions to global energy supplies.
The international benchmark Brent crude rose by 3.20% to trade at $107.82 a barrel on Monday, while the US benchmark West Texas Intermediate (WTI) also increased by 3.20% to $103.20 per barrel.
The price spike follows reports that Saudi Arabia temporarily shut down its critical East-West pipeline after drone strikes and a merchant vessel was struck in the Strait of Hormuz on Sunday, resulting in one fatality and three injuries.
Iran has tightened its grip over the strategic strait, requiring commercial vessels to obtain transit permissions and deliberating a mechanism to levy service fees, with non-compliant ships facing strikes.