London: Brent crude is approaching $110 a barrel as significant developments in the oil market unfold. Brent crude futures have risen by 3.3% to reach $109.17 a barrel. Similarly, West Texas Intermediate crude futures have seen an increase of 5%, reaching $106.45 a barrel.

According to National Iraqi News Agency, this surge in oil prices follows the closure of a major pipeline in Saudi Arabia that bypasses the Strait of Hormuz. The closure has raised concerns about the stability of oil supply routes in the region, contributing to the increase in oil prices.

Yulia Gestkova-Griggsby, a senior commodities strategist at Goldman Sachs, commented on the situation, stating that attacks on oil infrastructure represent a dangerous escalation of the conflict. This escalation increases the likelihood of a further price surge, with Brent crude potentially exceeding $120.