Crude oil futures ended sharply higher on Monday on concerns about oil supply after Russian President Vladmir Putin said he will station tactical nuclear weapons in neighbor and ally Belarus, and Iraq halted some of its crude exports from Kursistan region. Iraq's decision to halt exports from Kurdistan resulted in a loss of 450,000 barrels per day, or about half a percent of global oil supply. Further, optimism about an increase in China's crude imports this year contributed as well to the rise in oil prices.
Benchmark crude oil futures for May delivery rose $3.55 or about 5.1 percent to settle at $72.81 a barrel on the New York Mercantile Exchange. Brent crude for May delivery surged $3.13 or about 4.20 percent to settle at $78.12 a barrel on London's Intercontinental Exchange.