Crude nears $107 as Middle East attacks escalate

Brent crude oil prices surged to near $107 per barrel on Monday, driven by a series of Middle East attacks that heightened worries about oil supply disruptions. Brent crude gained $2.09, or two percent, to $107 per barrel, while the U.S. benchmark, West Texas Intermediate, rose by $1.93, or 2.1 percent, to $93.78 per barrel. This price increase came despite expectations of additional Russian diesel exports and a promise by U.S. President Donald Trump for Russia to supply more than 300,000 metric tonnes of diesel to the United States and global markets.

The attacks included a Houthi strike on Riyadh's international airport on Saturday, killing 13 people and wounding over 300, followed by more assaults on Sunday. Two oil tankers were also struck near Oman and the Strait of Hormuz, raising concerns about the recovery of oil exports from the Gulf, which had reached 81 percent of pre-war levels in September.

Despite these developments, Brent crude exports recovered to 91 percent, while refined petroleum product exports remained at 60 percent.