Oil Prices Surge More Than 2% On Growing Supply Fears
Singapore: Oil prices surged more than 2% on Monday as fresh Houthi attacks on Saudi Arabia, Iranian attacks on vessels in the Gulf and the closure of a major Saudi oil pipeline heightened fears of disruptions to crude supplies.
Brent crude futures rose $2.90, or 2.77%, to $107.51 a barrel, while West Texas Intermediate (WTI) crude futures gained $2.27, or 2.27%, to $102.32 a barrel.
Oil prices rose more than 3% at the market open before paring some of those gains during the session.
Prices climbed about 8% last week, breaking above $100 a barrel for the first time since July, as concerns mounted over the impact of regional disruptions on global energy supplies
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