Oil Prices Surge on Fears of Middle East Supply Disruptions

Oil prices surged more than 2% on Monday due to growing concerns over supply disruptions in the Middle East. The region has been plagued by recent attacks, including Houthi strikes on Saudi Arabia and Iranian attacks on vessels in the Gulf.

The closure of a major Saudi oil pipeline further exacerbated fears of supply shortages, leading to a sharp increase in Brent crude futures. Prices rose $2.90, or 2.77%, to $107.51 a barrel, while West Texas Intermediate (WTI) crude futures gained $2.27, or 2.27%, to $102.32 a barrel.

Last week, oil prices climbed about 8% and broke above $100 a barrel for the first time since July, as concerns over regional disruptions mounted. The recent price surge has been driven by worries over the impact of these disruptions on global energy supplies.