Oil prices approach the $110 mark, analysts warn: a breakthrough could send them surging toward $150.

BlockBeats news, October 12: Brent crude oil rose more than 2.4% on Monday, touching an intraday high of $107.25 per barrel, as escalating geopolitical risks drove oil prices steadily higher. Russia once again attacked Ukraine's energy facilities, while attacks on commercial vessels near Oman and around the Strait of Hormuz heightened market concerns about disruptions to oil shipping.

Technical analyst The Great Martis previously noted that Brent crude's daily chart shows a bullish inverted head-and-shoulders pattern, and if it sustains a breakout above $110 per barrel, oil prices could further probe $150 per barrel. When that call was first published, Brent was trading at about $102 per barrel.

Rising oil prices have also fueled market worries about a rebound in inflation. U.S. September CPI data will be released on Wednesday, with the market expecting headline CPI year-over-year to rise from 3.4% to 3.7%. Higher energy prices could push inflation up and keep interest rates elevated, thereby weighing on risk assets.

Affected by higher oil prices and inflation concerns, Bitcoin fell to about $82,528 on Monday, down 1.4% intraday; spot gold was at about $4,165.32 per ounce, down 0.71%, while silver fell about 0.86% to $60.42 per ounce.