Saudi Pipeline Shutdown Sends Oil Prices Soaring

Oil prices continued to soar on Monday, rising more than 3% due to concerns over global supply. The surge comes after attacks on Saudi energy infrastructure and vessels in the Middle East.

Brent crude futures rose $3.00, or 2.9%, to $107.61 a barrel by 1112 GMT, after earlier reaching an intraday high of $108.65. U.S. West Texas Intermediate (WTI) crude gained $2.48, or 2.5%, to $102.53 a barrel.

The recent gains follow last week's 9% climb as tensions escalated across the Middle East. Brent rose above $100 a barrel for the first time since July and reached its highest level since May at around $110 a barrel.