Crude oil futures ended higher on Monday amid rising supply concerns owed to tensions in Middle East and South America. In Middle East, Saudi Arabia reportedly launched airstrikes in Yemen targeting the Southern Transitional Council (STC). The STC moved to seize Hadhramaut and the eastern province of al-Mahra in Yemen. These two regions contain Yemen's largest oil fields. Meanwhile, in South America, the U.S. has ramped up its military intervention against Venezuela. The U.S. military captured two big oil tankers linked to Venezuela.
Benchmark crude oil futures for February increased $0.78 or 1.36% at $58.08 a barrel on the New York Mercantile Exchange. Brent crude for February delivery surged $0.73 or 1.19% to settle at $61.94 a barrel on London's Intercontinental Exchange.
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