Oil prices surge more than $3 as supply concerns mount

Brent crude futures gained $3.62, or 3.46%, to $108.23 per barrel, while US West Texas Intermediate (WTI) crude futures rose $3.15, or 3.15%, to $103.20 per barrel.

The latest gains pushed both major oil benchmarks above the $100-a-barrel threshold, highlighting heightened concerns among market participants over potential disruptions to global crude supplies.

Earlier, it was reported Saudi Arabia's Ministry of Energy had announced the "precautionary closure" of the East-West pipeline in the Riyadh and Medina regions.