Oil prices surged over $119 a barrel, hitting levels not seen since mid-2022, on Monday as some major producers cut supplies and fears of prolonged shipping disruptions gripped the market due to the expanding US-Israeli war with Iran.
Brent crude futures LCOc1 were up $13.02, or 14 percent, at $105.71 per barrel at 0917 GMT, while US West Texas Intermediate (WTI) crude CLc1 futures were up $12.16, or 13 percent, at $103.06.
