Crude oil prices rose exponentially, causing Brent crude to pass $107 per barrel since the escalating conditions in the Middle East had led to speculations about disruptions to the world's energy supplies.
Brent Crude Oil Prices for Delivery in November increased by 2.8 percent to $107.54 per barrel, while the US Index Price, the West Texas Intermediate, was up by 2.3 percent to $102.34 for October.
The market's focus remained firmly on the Middle East, where the security concerns threatened crucial export routes. Saudi Arabia temporarily shut its East-West pipeline following drone attacks, while a merchant vessel was struck in the Strait of Hormuz on Sunday killing one person and injuring three others, as reported by Iranian authorities.
Transit through the strait used to be unrestricted prior to the conflict, however Iran insists that ships should get permission from it before entering and is contemplating a method of collecting service charges. Ships which refuse to do so have become common targets for attacks from Iran, and the US bombards the coast of Iran regularly as a way of demonstrating its lack of control over the strait.
In addition, the talks between Iran and other countries in the Gulf region over the strategically important strait have been put off by Oman.
