Oil prices had been expected to rise on Monday amid growing concerns about risks to supply from Saudi Arabia, the world's largest oil exporter, whose East-West oil pipeline was shut on Friday by a drone strike that originated in Iraq.

Iranian strikes hit US aircraft in Jordan, Houthi attacks threaten Saudi pipeline and Gulf shipping, pushing Brent crude above $107 amid rising Middle East tensions.

Saudi Arabia shuts its vital East-West oil pipeline after drone attacks launched from Iraq, as regional tensions and Red Sea threats push oil prices above $100.