Latest
Oil is now up 25% and on track for a record daily jump
Mar 09, 202611:18 AM
Oil prices surged more than 25% on Monday to their highest levels since mid-2022.
Energy markets are particularly nervous because the Middle East crisis is unfolding around the Strait of Hormuz, through which roughly one-fifth of the world’s oil supply normally passes.
Brent crude futures were up $24.96 or 27% at $117.65 per barrel at 0451 GMT - on track for the biggest-ever jump in a single day.
U.S. West Texas Intermediate (WTI) crude futures were up $25.72, or 28.3%, to $116.62.
WTI surged 31.4% to a session high of $119.48 a barrel earlier on Monday, while Brent rose as much as 29% to $119.50 a barrel.
Before the surge on Monday, Brent had already climbed 27% and WTI by 35.6% last week.
Source: Reuters
-Agencies
