Crude oil futures ended higher on Monday, amid persistent concerns over supply disruptions after the proposed U.S.-Iran negotiations were called off by the U.S. Meanwhile, reports suggested that Tehran, through Pakistan, indicated a willingness to de-escalate tensions if Washington lifted its naval blockade, agreed to a revised framework governing transit through Strait of Hormuz, and offers assurances against future military action.
Benchmark crude oil futures for June delivery jumped by $1.97 or 2.09% to settle at $96.37 a barrel on the New York Mercantile Exchange. Brent crude for June delivery surged by $2.90 or 2.75% to settle at $108.23 a barrel on London's Intercontinental Exchange.