Oil prices rise sharply as Middle East escalation risks disruption to supplies
Middle East Eye
M
Middle East Eye
Original Source
Oil prices surged sharply Monday as Middle East tensions escalated, with Brent crude breaking above $107 per barrel amid fears of potential disruptions to global energy supplies. Both major crude benchmarks extended last week's rally amid regional security concerns.
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 $102.34.
Both contracts extended last week's gains after climbing back above the $100 threshold.
Global oil supplies face a challenge after Saudi Arabia shut an oil pipeline following a drone attack and Iran-backed Houthis took control of a key island overlooking the Bab el-Mandeb Strait, a chokepoint for Red Sea maritime traffic.
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 $102.34.
Both contracts extended last week's gains after climbing back above the $100 threshold.
Global oil supplies face a challenge after Saudi Arabia shut an oil pipeline following a drone attack and Iran-backed Houthis took control of a key island overlooking the Bab el-Mandeb Strait, a chokepoint for Red Sea maritime traffic.
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Tags:#أسعار النفط#برنت#الشرق الأوسط#التوترات الإقليمية#الإمدادات العالمية#باب المندب
Source: Middle East Eye
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