New york: Oil prices experienced a significant plunge after reaching high levels earlier on Monday, yet they remain elevated by more than 15 percent, marking levels not seen since mid-2022. This comes in the wake of production cuts by major oil-producing nations and growing concerns about long-term shipping disruptions due to the escalating US-Israeli conflict with Iran.
According to Qatar News Agency, Brent crude futures witnessed a substantial jump of USD 15.51, or 16.7 percent, reaching USD 108.20 per barrel, putting it on track for the largest single-day gain ever recorded. Meanwhile, U.S. West Texas Intermediate (WTI) futures surged by USD 14.23, or 15.7 percent, hitting USD 105.13 per barrel.
Earlier in the day, WTI had soared by 31.4 percent to a session high of USD 119.48 per barrel, and Brent had climbed 29 percent to USD 119.50 per barrel.
Prior to today's sharp increase, Brent had already seen a rise of 27 percent, with WTI surging by 35.6 percent over the past week.