Oil prices are at their highest level in two weeks

Oil prices rose by about 3% upon settlement, on Monday, recording their highest level in two weeks, with shipments through the Strait of Hormuz remaining limited, leading to a scarcity of global oil supplies.

Brent crude futures rose $2.90, by 2.8%, to record $108.23 per barrel upon settlement, and US West Texas Intermediate crude rose $1.97, by 2.1%, to $96.37.

Thus, Brent rose for the sixth day in a row for the first time since March 2025, recording its highest closing level since April 7. In contrast, US West Texas Intermediate crude closed at its highest level since April 13.