The oil market spent Monday morning pricing in a weekend of bad news from the Gulf.
Brent for October and November deliveries gained over 3% and crossed $108 a barrel, while the US benchmark WTI for October rose 2.3% to around $102, both extending last week's advance after each reclaimed the $100 threshold.
Prices moved following Saudi Arabia's announcement that its East-West pipeline is temporarily closed after drone attacks.
The line carries crude across the kingdom to Red Sea ports, allowing oil to reach export terminals without passing through the Strait of Hormuz, so its loss removes the main alternative at the moment the strait itself is most dangerous.
That danger was also demonstrated on Sunday, when a merchant vessel was hit in the strait, killing one person and injuring three others, according to Iranian authorities.
