Global oil prices jump after Russia-Ukraine and Yemen tensions
Oil prices climbed over 2% on Monday, with Brent closing at $61.94 a barrel and US crude at $58.08.
The spike came after Russia accused Ukraine of a drone attack on the Russian presidential residence in northern Russia, prompting Moscow to review its position in peace talks and making energy markets nervous.
More conflicts add to supply worries
Ukraine denied the drone attack, but just the threat of more conflict has traders on edge about possible supply issues.
Meanwhile, fighting in Yemen and Saudi airstrikes are adding to the instability.
Strong oil demand from China and delays in US stockpile data are also keeping everyone guessing about what happens next.
UBS analyst Giovanni Staunovo summed it up: Brent has a soft floor at $60 per barrel, hinting that prices could bounce back even more if global supply growth slows down next year.