Oil Climbs on Global Supply Concerns

Oil prices surged over 2% on Monday, driven by escalating global supply concerns following attacks on Saudi Arabia and vessels in the Gulf, alongside Iran's announcement of a ship targeting. These worries intensified with the closure of the Saudi East-West oil pipeline, threatening a loss of 4% of global supplies. Risks are also rising in the Bab Al-Mandab Strait, which transports 4% to 5% of global supplies. According to Reuters, Brent crude futures rose $2.90 (2.77%) to $107.51 per barrel, while West Texas Intermediate crude climbed $2.27 (2.27%) to reach $102.32. This increase follows an approximate 8% rise in prices last week, surpassing $100 per barrel for the first time since last July.