Oil prices rise sharply on Monday, with Brent crude trading above $100 a barrel amid continued hostilities in the Middle East, disruptions to oil infrastructure in Saudi Arabia and attacks on tankers in the Strait of Hormuz.
Shortly after 2:30am Cyprus time, following the opening of Asian markets, November Brent crude was up 2.80% at $107.54 a barrel.
Brent had crossed the $100 threshold for the first time since July last week, gaining 9% over the course of the week.
WTI also climbs
US West Texas Intermediate (WTI) crude for October delivery was also trading higher, up 2.29% at $102.34 a barrel.
The latest gains come as concerns grow over potential disruptions to global oil supplies linked to developments around the Strait of Hormuz, a key route for international energy shipments.
Oman postpones Hormuz meeting
Oman announced the postponement of a foreign ministers’ meeting that was due to bring together Iran and Gulf states to discuss the future of the Strait of Hormuz.
Earlier on Sunday, an Iranian official said a commercial vessel had been hit, killing one member of its crew.
Saudi Arabia closes oil pipeline
On Friday, Saudi authorities announced the temporary closure of the East-West oil pipeline, which allows crude shipments to bypass the Strait of Hormuz.
The decision followed attacks by drones originating from Iraq, according to Saudi authorities.
The developments have added to concerns over oil supplies and contributed to the latest rise in oil prices.
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