Crude oil futures settled higher on Monday as concerns over supply disruptions persisted amid delays in the reopening of the Strait of Hormuz. Additionally, reports of Israeli strikes in Beirut targeting the Iran-backed Hezbollah group drew condemnation from Iran. Meanwhile, the Organization of Petroleum Exporting Countries (OPEC) decided to add another 188,000 barrels of crude to its collective production.
Benchmark crude oil futures for July delivery increased by $0.76 or 0.84% to settle at $91.30 a barrel on the New York Mercantile Exchange. Brent crude for August delivery gained by $1.16 or 1.25% to settle at $94.25 a barrel on the New York Mercantile Exchange.
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