Oil Prices Rise Amid Growing Concerns Over Energy Supplies
Oil prices settled about 1 percent higher on Monday as concerns over energy supplies grew following new strikes on Saudi Arabian infrastructure and attacks on ships in the Middle East.
The Brent futures rose $1.07, or 1.0 percent, to settle at $105.68 per barrel, while US West Texas Intermediate (WTI) crude rose $1.34, or 1.3 percent, to settle at $101.39.
The increase came despite a statement from US President Donald Trump that Iran wanted to reach a deal with Washington, which initially caused oil prices to retreat from session highs.
The tensions in the region were fueled by Yemen's Iran-backed Houthis launching a new attack on Saudi Arabia, targeting a military airbase and knocking out the country's east-west pipeline, which threatened up to 4 percent of global oil supply.