jordan pulse -

​Oil prices recorded a sharp increase on Monday, with Brent crude reaching $107 per barrel amid escalating tensions in the Middle East that have fueled fears of energy supply disruptions.
​November delivery Brent crude rose by 2.8% to reach $107.54 per barrel, while US West Texas Intermediate (WTI) crude for October delivery rose by 2.3% to reach $102.34 per barrel.
​Oil continued to build on gains recorded last week after prices climbed back above the $100 level.
​Market focus remained heavily centered on the Middle East, where renewed security concerns threaten key export routes.
​This comes as Saudi Arabia temporarily closed its East-West pipeline following drone attacks, while an Iranian commercial vessel was attacked in the Strait of Hormuz on Sunday, resulting in one fatality, according to Iranian television quoting the governor of Qeshm Island.
​The Strait of Hormuz was open to navigation prior to the war, but Iran now requires vessels to obtain transit permission and is considering a mechanism to impose service fees.
​Non-compliant vessels face Iranian attacks, while the United States regularly strikes the Iranian coast in defiance of Iran's attempt to assert control over the strait.
​Oman announced late Sunday the postponement of a meeting scheduled for Monday between Iran and Gulf states to discuss the future of the Strait of Hormuz.
​Source: Rum News Agency