Crude oil futures ended sharply higher on Monday amid rising possibility of disruptions in supply in the Persian Gulf due to the escalation in tensions in the Middle East. It is feared that a broader regional conflict in the Middle East could lead to long-term disruptions in the oil markets. According to reports, Israeli defense forces intensified air strikes targeting Gaza and the Lebanese capital of Beirut simultaneously on the first anniversary of Hamas' cross-border attack in Israel, which triggered the Middle East war.
Benchmark crude oil futures for November delivery rose $2.76 or about 3.71 percent to settle at $77.14 a barrel on the New York Mercantile Exchange. Brent crude for December delivery surged by $2.88 or about 3.69 percent to settle at $80.93 a barrel on London's Intercontinental Exchange.