A nearly 4% jump in crude oil prices pushed Brent crude above the $80 a barrel mark for the first time in weeks.
The increasing risk of a wider war in the Middle East still has investors worried about the prospects of Middle East crude oil shipments being interrupted. There are still growing concerns that Israel might attack Iran’s oil infrastructure in response to last week’s missile attack by Iranian forces. Some observers and experts predict if Israel attacks Iran’s oil production, the world might see a $3 to $5 jump in crude oil prices.
West Texas Intermediate, considered the US benchmark, gained $2.76 or 3.7% to settle at $77.14 a barrel on the New York Mercantile Exchange. WTI gained more than 9% last week.
Global benchmark Brent crude rose $2.88 or 3.7% as it settled at $80.93 per barrel. Last week, Brent jumped nearly 8% for the week.
Oklahoma energy stocks were mixed in Monday’s trading with nearly half finishing with moderate losses while the other half of the state firms saw gains, including NGL Energy Partners with a 5% increase for the day.
16.68 USD+0.11