Oil prices jump 3% as tensions escalate in the Middle East

Oil prices jumped by about 3% on Monday amid escalating tensions in the Middle East that fueled fears of disruptions to energy supplies.

Brent crude futures rose by $3.14, or 3.00%, to $107.75 per barrel. West Texas Intermediate (WTI) crude futures increased by $3.01, or 3.01%, to $103.06 per barrel.

Prices initially rose by more than 3% at the market open.

Oil prices rose 8% over the past week due to these disruptions, surpassing the $100-per-barrel mark for the first time since July.