Oil Settles 3% Higher as Middle East War Risk Makes Investors Cautious

October 08, 2024, 05.08 AM | Source: Reuters
Oil Settles 3% Higher as Middle East War Risk Makes Investors Cautious

ILUSTRASI. Oil prices settled more than 3% higher on Monday, with Brent surpassing $80 per barrel for the first time since August. REUTERS/Alexander Manzyuk

OIL PRICE - NEW YORK. Oil prices settled more than 3% higher on Monday, with Brent surpassing $80 per barrel for the first time since August as the increased risk of a region-wide Middle East war jolted investors out of record bearish positions amassed last month.

Brent crude futures rose by $2.88, or 3.7%, to settle at $80.93 per barrel. U.S. West Texas Intermediate futures advanced by $2.76, or 3.7%, to $77.14 per barrel.

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