Crude oil futures settled higher on Monday as traders continued to assess the risk of immediate supply disruptions amid renewed tensions between the United States and Iran. A fragile ceasefire between the United States and Iran appeared close to unraveling on Monday after the United Arab Emirates was hit by Iranian drones and missiles, while Washington said it had sunk Iranian vessels in the Strait of Hormuz.
Benchmark crude oil futures for June delivery increased by $4.48 or 4.39% to settle at $106.42 a barrel on the New York Mercantile Exchange. Brent crude for July delivery surged by $6.27 or 5.80% to settle at $114.44 a barrel on the New York Mercantile Exchange.
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