Oil Prices Climb Following US Military Actions

In a significant development, crude oil futures experienced a notable increase, rising by over 1% on Monday. This surge came in the wake of the United States Central Command (CENTCOM) announcing its ongoing military strikes against the Houthis, a rebel group in Yemen with alleged backing from Iran. Investors are closely monitoring the situation, weighing the potential impacts on global oil supply and prices.

Investors Eye Potential Ceasefire Between Ukraine and Russia

Adding to the market's volatility, attention is also being drawn towards a possible 30-day ceasefire agreement between Ukraine and Russia. This development is particularly significant ahead of a scheduled conversation between US President Donald Trump and Russian President Vladimir Putin. The outcome of this dialogue could further influence oil market dynamics, as investors seek stability in the face of geopolitical tensions.

At 5:31 am ET, West Texas Intermediate for April deliveries saw an increase of 1.10%, trading at $67.92 per barrel. Similarly, Brent crude for May settlements rose by 1.11% at 5:33 am ET, reaching $71.36 per barrel.