Oil prices rise sharply as Middle East escalation risks disruption to supplies
Oil prices rise sharply as Middle East escalation risks disruption to supplies Oil prices rose sharply on Monday, pushing Brent crude above $107 a barrel as escalating tensions in the Middle East stoked fears of disruptions to global energy supplies. Brent crude for November delivery gained 2.8 percent to $107.54 a barrel, while US benchmark West Texas Intermediate for October rose 2.3 percent to…
Oil prices surged on Monday, breaching the $107 mark for Brent crude and West Texas Intermediate, as Middle East tensions escalated and sparked concerns over potential disruptions to global energy supplies. The rise in prices came in the wake of Saudi Arabia halting an oil pipeline following a drone attack, and Iran-backed Houthis seizing control of a crucial island near the Bab el-Mandeb Strait, a critical chokepoint for Red Sea maritime traffic.
Both developments have raised fears of potential supply shocks, prompting investors to push oil prices higher.
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