Crude oil futures ended sharply higher on Monday on expectations of higher demand during the summer driving season, and likely shortage in supplies due to geopolitical concerns, and production cuts by the Organization of Petroleum Exporting Countries and allies, collectively known as OPEC+. Concerns about the likely impact of hurricanes on oil and gas production and consumption in the Americas contributed as well to the jump in oil prices.
Benchmark U.S. crude oil futures for August delivery rose $1.84 or about 2.2% to $83.38 per barrel on the New York Mercantile Exchange. Brent crude for September delivery surged $1.68 or 2% to $86.69 (Provisional) per barrel on London's Intercontinental Exchange.