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 $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.
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.
