ISLAMABAD: Crude oil prices jumped more than 2 percent in global markets on Monday amid growing concerns over supply disruptions.
Brent crude rose by $2.90, or 2.77 percent, to settle at $107.51 per barrel. West Texas Intermediate also gained $2.27, or 2.27 percent, to reach $102.32 per barrel.
Prices had climbed by more than 3 percent at the start of trading.The rally was driven by the closure of a key oil pipeline in Saudi Arabia and a series of Houthi attacks in the region, including strikes targeting ships. These incidents have raised fears about disruptions to oil shipments and overall supply.
Oil markets have been on an upward trend. Last week crude recorded an 8 percent weekly gain and crossed $100 per barrel for the first time since July. Earlier in Monday’s session, Brent had touched $105 per barrel before moving higher.
The sharp rise in oil prices is expected to add pressure on fuel costs and inflation globally, with import-dependent countries like Pakistan likely to feel the impact most.
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