Brent crude tops US$107 a barrel as Middle East tensions escalate
Brent crude rose 2.8 per cent to US$107.54 a barrel on Monday, with WTI up 2.3 per cent to US$102.34, as escalating Middle East tensions raised fears of global energy supply disruption. Saudi Arabia temporarily shut its East-West pipeline after a drone attack, and a merchant vessel was struck in the Strait of Hormuz on Sunday, killing one and injuring three. Oman postponed talks between Iran and Gulf states on the strategic waterway's future.