Oil Prices Surge on Fears of Supply Disruptions

Oil prices surged on Monday due to growing fears of supply disruptions in the global market. Houthi attacks on Saudi Arabia, Iranian attacks on vessels in the Gulf, and the closure of a major Saudi oil pipeline contributed to the price hike.

Brent crude futures 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.

The price increase was not as high as it was last week when prices climbed about 8% and broke above $100 a barrel for the first time since July.