Brent crude nears $108 as Middle East tensions rise
Brent crude oil climbed toward $108 a barrel on Monday as Middle East tensions kept markets on edge. Traders fear supply disruptions in key producing regions.
US strikes on Yemen and the risk of wider conflict with Iran have raised the stakes. The Strait of Hormuz, a key oil route, remains a worry.
Analysts said prices could rise further if fighting spreads. They warned that oil above $110 would hurt global growth.
India, which imports most of its oil, is watching closely. Higher crude raises fuel prices and the import bill.
Some traders expect prices to cool if diplomacy makes progress. For now, markets are pricing in a risk premium that could last for weeks. OPEC members are watching the situation but have not announced new output changes. Energy analysts said markets will stay volatile in the short term. Fuel retailers in India said they are monitoring global prices daily.
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