Oil Prices Surge to $107.82 Per Barrel Amid Ongoing Middle East Tensions

Global crude oil prices have surged by approximately 3% following a series of attacks on Saudi Arabia and the Strait of Hormuz. The price increase was influenced by Houthi attacks on Saudi Arabia and Iranian attacks on ships in the Gulf region, as well as the risk to supply caused by the closure of a major Saudi oil pipeline.

By 3:40 AM GMT, Brent crude oil prices had risen by $3.21, or 3.1%, to $107.82 per barrel, while West Texas Intermediate crude oil prices increased by $3.17, or 3.2%, to $103.22 per barrel.

The price of a barrel of oil has surpassed the $100 mark for the first time since July, and due to the ongoing crisis, oil prices have risen by 8% this week alone.