Crude oil futures increased by over 1.7% on Monday as supply disruptions and geopolitical conflicts exerted upward pressure on oil markets. The uptick comes in the wake of Russia’s latest “massive combined attack” targeting all regions in Ukraine during the weekend, marking its biggest air strike in nearly three months. Further, The New York Times reported yesterday that United States President Joe Biden greenlighted Ukraine’s use of Washington-provided long-range missiles to carry out strikes inside Russian territory, further pressuring the commodity’s prices. West Texas Intermediate (WTI) for December’s settlements rose by 1.78% at 9:18 am ET to sell for $68.20 per barrel. Meanwhile, Brent for January’s deliveries increased by 1.83% to go for $72.25 per barrel.
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