Crude oil futures ended higher on Monday on concerns about tight supply due to the ongoing Russia-Ukraine war and news about the shutdown of Libya's biggest oil field. Libya’s National Oil Corp warned a painful wave of closures had begun hitting its facilities and declared force majeure at Al-Sharara oilfield and other sites. Meanwhile, natural gas prices soared about 10%, climbing to an over 13-year high in the process, amid concerns about an energy crunch due to the ongoing Russia-Ukraine war and forecasts for cooler spring temperatures.
Benchmark crude oil futures for May delivery rose $1.26 or 1.2 percent to settle at $108.21 a barrel on the New York Mercantile Exchange. Brent crude for June delivery surged $1.45 or 1.3 percent to settle at $113.15 (Provisional) a barrel on London's Intercontinental Exchange.