Reuters reported that Brent crude prices rose more than 3 percent to around 102.68 a barrel.
According to Reuters, a drone attack on Saudi Arabia’s key East West oil pipeline and continued disruptions to oil shipments through the Strait of Hormuz have heightened concerns in global oil markets.
Reuters said that if the Saudi pipeline is not restored soon, oil reserves at the port of Yanbu would be enough for only about five to seven days of exports. After that, up to 4 percent of global oil supplies could be at risk of disruption.
Oil prices have risen by around 8 percent over the past week, surpassing $100 a barrel for the first time since July.