Oil Prices Jump Again: Brent Briefly Tops $116 as G7 Moves to Steady Markets
Oil whipped around on Monday. Brent crude popped above $116 a barrel before slipping back, while U.S. crude hovered over $103 as traders tried to gauge the risk from escalating tensions in the Middle East and a new G7 push to stabilize the market. As of 12:36 p.m. ET, Brent was down 0.5% at $112.05, after hitting $116.89 earlier. West Texas Intermediate, the U.S. benchmark, moved up 3.5% to $103.09. Robert Yawger, Mizuho’s director of energy futures, pointed out that any Houthi strike on shipping near the southern Red Sea might tack on another $5 to $10 per barrel.
