Oil prices jumped about 7% on Monday, settling at their highest level since 2022 after surging as much as 29% during the session as Saudi Arabia and other OPEC members cut supplies amid the expanding U.S.-Israeli war with Iran.
Prices rose more than 20% in early trade, then pulled back from session highs as the U.S. and other Group of Seven (G7) countries weighed tapping strategic petroleum reserves to curb inflationary pressure from higher energy prices.
During the session, Brent futures gained $6.27, or 6.8%, to settle at $98.96 a barrel. U.S. West Texas Intermediate (WTI) crude rose $3.87, or 4.3%, to settle at $94.77.
Those were the highest settlement prices for Brent and WTI since August 2022. Shortly after settlement, WTI and Brent gave back all of the session’s gains and traded below Friday’s settlement price.
Early in the session, Brent jumped $26.81 to $119.50 a barrel, and WTI reached a session high of $119.48. Those were the highest intraday prices for both benchmarks since June 2022, compared with all-time highs of $147.50 a barrel for Brent and $147.27 for WTI in July 2008.