Crude oil prices
Crude oil prices climbed more than $1 per barrel in Monday’s trading as geopolitical tensions escalated following Russia’s accusation that Ukraine targeted President Vladimir Putin’s presidential residence with a drone attack. Traders also weighed the risk of possible supply disruptions in the Middle East, particularly tied to growing instability in Yemen.
According to Reuters, Russia said it would review its position in ongoing peace discussions after alleging the drone attack occurred in northern Russia. Ukraine rejected the claim, with officials saying Moscow was seeking “false justifications” to escalate further military action.
The geopolitical developments added risk premiums to global energy markets, lifting prices despite lingering concerns about demand and global supply balances.
Brent and WTI benchmarks
Brent crude, the global oil benchmark, gained $1.30, or 2.1%, to settle at $61.94 per barrel.
West Texas Intermediate (WTI), the U.S. benchmark, rose $1.34, or 2.4%, to close at $58.08 per barrel on the New York Mercantile Exchange.
Market analysts noted that while crude prices remain sensitive to geopolitical flashpoints, traders continue to monitor diplomatic developments tied to Russia, Ukraine, and the Middle East for signs of further escalation.
Natural gas prices
Natural gas prices surged sharply on Monday, finishing nearly 7% higher. Prices settled at $4.663 per MMBtu, up $0.297, or 6.80%, after recent volatility driven by weather forecasts and storage concerns.
Oklahoma energy stocks
Oklahoma energy stocks largely followed crude oil higher, ending Monday’s session mostly in positive territory. Only a handful of firms posted losses.
NGL Energy Partners led the sector with a nearly 7% gain, reflecting renewed investor optimism tied to higher commodity prices. Several other Oklahoma-based producers and service firms also recorded solid advances during the session.