Commodities
Oil Prices Spike on Fresh Gulf Attacks Fueling Supply Concerns
Oil prices surged over $3 per barrel in early trading on Monday after fresh attacks targeting Saudi Arabia and vessels in the Gulf fueled concerns about disruptions to Middle East energy supplies.
The Brent crude futures rose by 3.46% to $108.23 a barrel, while U.S. West Texas Intermediate crude futures climbed 3.15% to $103.20 a barrel, according to Reuters.
The gains extended a sharp rally in oil markets, with prices rising about 13% last week due to concerns over supply disruptions in the Middle East and reduced crude flows through the Strait of Hormuz.