Oil Prices Jump Again: Brent Briefly Tops $116 as G7 Moves to Steady Markets
Brent crude fell 0.5% to $112.05 a barrel by midday Monday after earlier topping $116.89, while U.S. crude rose 3.5% to $103.09, as traders tracked Middle East tensions and G7 emergency measures. Saudi exports from Yanbu neared capacity at 4.6 million barrels per day. Asia, which buys most Hormuz oil, faces rising costs; South Korea warned of possible driving curbs if prices climb further.