SINGAPORE – The rise follows recent attacks by the Ansar Allah group in Yemen on Israel, broadening the US-Israeli conflict with Iran.
Brent crude futures jumped $2.43, or 2.16 percent, to $115 a barrel, after a 4.2 percent gain last Friday. U.S. West Texas Intermediate (WTI) crude rose $1.86, or 1.87 percent, to $101.50 a barrel, following a 5.5 percent increase in the previous session.
The surge in Brent crude marks a 59 percent gain for March, its largest monthly increase since 1990. Analysts attribute the spike to disruptions in the Strait of Hormuz, a critical chokepoint that handles roughly a fifth of the world’s oil and gas supplies, effectively closed due to the ongoing conflict with Iran.
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