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Brent Crude Tops $107 as Middle East Supply Fears Rise
Oil prices went up sharply on Monday.
Brent crude rose above $107 per barrel, while another major oil price called WTI reached $103.20.
Traders are worried that fighting in the Middle East could interrupt oil deliveries.
Important shipping routes in the Gulf and Red Sea have faced disruptions.
Saudi Arabia reportedly closed a major pipeline after drone attacks.
A ship was also hit near the Strait of Hormuz.
Iran has tightened rules for ships passing through that waterway.
Saudi Arabia also produced much less oil in August than in July, adding to supply fears.
Brent crude for November delivery rose 3.20% to $107.82 per barrel.
West Texas Intermediate for October delivery also gained 3.20% to $103.20 per barrel.
Disruptions in the Gulf and Red Sea increased concerns about global oil shipments.
Saudi Arabia temporarily shut its East-West pipeline after reported drone attacks.
Saudi Arabia’s August production fell to 6.2 million barrels per day, 23% below July’s level.
- Who
- Oil traders, Saudi Arabia, Iran, the United States, Oman, and Houthi forces are involved in the reported developments.
- What
- Brent and WTI crude prices rose as tensions and attacks raised fears of disruptions to global oil supplies.
- Where
- The developments involved the Gulf, the Red Sea, the Strait of Hormuz, Saudi Arabia’s western coast, and the Iranian coastline.
- When
- The price increase was reported on Monday; Saudi Arabia’s production figures referred to August 2026.
- Why
- Markets feared that attacks, shipping restrictions, reduced Saudi production, and renewed fighting could disrupt crude supplies.
Key facts
- Brent price
- $107.82 per barrel for November delivery
- WTI price
- $103.20 per barrel for October delivery
- Daily price change
- Both Brent and WTI rose 3.20%
- Brent increase
- More than 30% above its early-August low
- Saudi August production
- 6.2 million barrels per day
- Saudi production change
- 23% below July’s level
- Strait of Hormuz incident
- One person was killed and three were injured after a merchant vessel was struck
Sources
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