Oil prices extended gains on Monday, with Brent heading for a record monthly rise, after Yemeni Houthis widened the Iran war by launching their first attacks on Israel.Brent futures rose 66 cents
Oil prices extended gains on Monday, with Brent heading for a record monthly rise, after Yemeni Houthis widened the Iran war by launching their first attacks on Israel.
Brent futures rose 66 cents or 0.6% to $113.23 a barrel at 1031 am ET (1431 GMT) after settling 4.2% higher on Friday. U.S. West Texas Intermediate futures were up $2.2 or 2.2%, at $101.83 after gaining 5.5% in the previous session.
Brent has soared by about 58% this month, the steepest monthly jump in LSEG data going back to 1988, exceeding gains made during the 1990 Gulf War. U.S. crude, meanwhile, has climbed by 51% for its biggest monthly gain since May 2020.
The gains were driven by Iran’s effective closure of the Strait of Hormuz, a chokepoint for about a fifth of global oil and gas supplies. The conflict, which began on February 28 with U.S. and Israeli strikes on Iran, has since spread across the Middle East, stoking concerns over shipping routes around the Arabian Peninsula and the Red Sea.
Israel’s military said it intercepted two drones launched from Yemen on Monday, two days after Iran‑aligned Houthis fired missiles at Israel for the first time since the start of
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