Oil prices jump more than 2 percent as Mideast tensions deepen supply fears

Oil prices jumped by more than two percent on Monday, driven by growing concerns over global energy supplies following an escalation of Middle East tensions. Brent crude futures rose $2.90, reaching $107.51 per barrel by late evening.

The price increase comes in the wake of new Houthi strikes targeting Saudi Arabia and Iranian attacks on ships in the Persian Gulf. These incidents compound existing market anxiety surrounding the recent closure of a key Saudi oil pipeline.