Brent rises 2.2% to $108 a barrel

Brent crude futures for November delivery rose 2.2% to above $108 a barrel in London, as markets continued to monitor tensions in the Middle East.

Brent, the European benchmark, was trading at $108.05 a barrel this afternoon, up 2.24%, after closing more than 1% higher in the previous session at above $105. Prices had climbed to nearly $110 a barrel during the session.

Brent hit a high of $108.76, while it fell to a session low of $105.10 shortly before Wall Street opened, down 0.55%.

Meanwhile, West Texas Intermediate (WTI), the US benchmark, was trading at $104.98 a barrel, up 3.54%.

European natural gas prices at the Dutch benchmark stood at €79.49 per megawatt-hour, down 3.73%.

The rise in oil prices comes after a series of fresh attacks in the Strait of Hormuz, while Saudi Arabia has shut down the Yanbu pipeline, also known as the East-West pipeline, following several attacks.