Oil prices were up in Asian trade on Monday due to escalating geopolitical risks and expectations of further volatility.

Brent crude rose $5.11, or 4.23%, to $87.02 a barrel, while US West Texas Intermediate crude was at $88.76 a barrel, up $4.94, or 4.18%. Both benchmarks had jumped more than $4 a barrel earlier, before easing slightly.

The surge in oil prices reversed last week’s downward trend, in which Brent fell about 11% and WTI retreated more than 8% amid concerns about high interest rates and their impact on global demand.

Source: Qatar News Agency