Oil surges past $108 as Hormuz attack and Saudi pipeline shutdown rattle markets

AI Summary

Brent crude oil prices surged past $108 per barrel after a merchant vessel was attacked in the Strait of Hormuz, killing a crew member, and Saudi Arabia shut down its main pipeline bypassing the waterway. These events have heightened fears of disruptions to Middle East oil supply routes, impacting global markets.

Brent crude climbed above $108 a barrel on Monday morning after a merchant vessel was struck in the Strait of Hormuz, killing one crew member, and Saudi Arabia shut its main pipeline bypassing the waterway, renewing fears that Middle East supply routes are closing.