Oil prices surged more than 3% Monday as new attacks on Saudi energy infrastructure and vessels in the Middle East intensified concerns over global supplies, Reuters reports. Brent crude climbed as high as $108.65 a barrel during the session.

Brent futures were up $3.21, or 3.1%, at $107.82 a barrel. U.S. West Texas Intermediate crude gained $2.77, or 2.8%, reaching $102.82.

The increase followed attacks affecting Saudi Arabia’s energy infrastructure and continued threats to shipping. Saudi Arabia’s East-West pipeline has become particularly important as instability around the Strait of Hormuz complicates traditional Gulf export routes.

Markets are now confronting threats around both Hormuz and Bab al-Mandeb, raising concerns that additional attacks could further restrict Middle Eastern energy exports and drive global fuel costs higher.

(YWN World Headquarters – NYC)