Oil Prices Surge on Middle East Tensions
Oil prices jumped about 1% on Monday as concerns over energy supplies mounted following new attacks on Saudi Arabian infrastructure and ships in the Middle East.
The Brent futures rose $1.07 to settle at $105.68 per barrel, while US West Texas Intermediate (WTI) crude rose $1.34 to settle at $101.39.
Worries about energy supplies were exacerbated by a new attack on Saudi Arabia's east-west pipeline, which is used to bypass the Strait of Hormuz and allows Gulf oil exports to reach global markets.
The pipeline strike threatened up to 4% of global oil supply, while commodity vessel transits through the Strait of Hormuz fell to a single digit per day at the weekend, down from an average of 14 per day before US and Israeli attacks on Iran in late February.