Brent crude hit a daily high of around $108 per barrel on Tuesday, before falling and stabilizing above $105. US WTI crude also rose during the session, crossing above $100 per barrel, before correcting some of its gains.

The price increase was driven by concerns about the impact of attacks on energy infrastructure in Saudi Arabia and the possibility of supply disruptions from one of the world's largest oil producers. According to Reuters, the market reacted to uncertainty over the operation of strategic energy facilities and the timing of the full restoration of affected capacities.

Saudi Arabia is one of the world's leading oil exporters and plays an important role in balancing the global market. Any restrictions on its production or transportation have a direct impact on international prices, as traders reassess the amount of oil that may be available.

After a strong rally early in the session, prices pulled back from their highs as investors assessed whether the impact on supplies would be temporary or more prolonged. The market is also watching the reaction of other producers and the possibility of replacing lost volumes in the event of longer outages.

The rise in oil prices has brought attention back to the impact of energy on global inflation. Higher oil prices affect transportation, manufacturing and energy costs, which are reflected in prices for consumers and businesses.

The oil move comes at a time when financial markets are also grappling with high interest rates and rising financing costs. Investors are simultaneously monitoring developments in the bond market and signals from central banks on inflation.

For now, the markets' attention remains on developments in the Middle East, the capacities of major producers and the impact that any prolonged disruption could have on the balance between supply and demand in the global oil market./Monitor