Oil Prices Surge Amid Escalating Mideast Conflict

Oil prices witnessed a surge in early Asian trading on Monday, fueled by concerns over tighter global supply due to escalating conflicts in the Middle East and between Russia and Ukraine.

Brent crude futures climbed by 24 cents, or 0.3%, reaching $85.67 a barrel at 0029 GMT (8:29 a.m. in Manila), while US crude futures gained 25 cents, or 0.3%, reaching $80.88 per barrel.

Additionally, a reduction in the US rig count contributed to upward pressure on prices, as reported by Yuka Obayashi for Reuters.

Brent crude futures climbed by 24 cents, or 0.3%, reaching $85.67 a barrel at 0029 GMT (8:29 a.m. in Manila), while US crude futures gained 25 cents, or 0.3%, reaching $80.88 per barrel.

Both benchmarks recorded a change of less than 1% last week compared to the previous week.

According to Hiroyuki Kikukawa, president of NS Trading, a unit of Nissan Securities, "Escalating geopolitical tension, coupled with a rise in attacks on energy facilities in Russia and Ukraine, alongside receding ceasefire hopes in the Middle East, raised concern over global oil supply."

He further added, "Falling US rig count also increased worry over tighter supply."

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