Oil Futures Leap as Supply Worries Intensify

The global oil market witnessed a significant uptick on Monday, with both West Texas Intermediate (WTI) and Brent crude prices climbing to their highest levels since late February. This surge is attributed to escalating concerns over supply disruptions and the potential for additional geopolitical tensions.

Geopolitical Factors Fueling the Rally

Adding to the market's unease, former United States President Donald Trump issued a stark warning regarding the imposition of additional tariffs on Russian crude. This comes in response to perceived delays by Russian President Vladimir Putin in engaging with peace negotiations to resolve the ongoing conflict in Ukraine.

Price Movements at a Glance

By 11:45 am ET, WTI for May deliveries had jumped by 2.41%, reaching $71.27 per barrel. Shortly thereafter, Brent crude for the same month's settlements saw a 1.34% increase, trading at $74.71 per barrel.