Crude oil futures settled higher on Monday as fears of supply disruptions pushed oil prices higher after Ukraine launched a major drone strike, destroying 40 key Russian aircraft. Markets also reacted to reports that there was a bipartisan push in U.S. Congress to impose more sanctions on Russia's oil industry, this time pressuring major buyers such as China and India.
Benchmark crude oil futures for July surged $1.73 or 2.85% at $62.52 a barrel on the New York Mercantile Exchange. Brent crude for August delivery rose $1.85 or 2.95% to settle at $64.63 a barrel on London's Intercontinental Exchange.