Crude oil climbed more than 2% to above $93.8 a barrel on Monday, advancing for a third straight session as renewed attacks in Ukraine and the Middle East intensified supply concerns. Ukrainian President Volodymyr Zelenskyy said Russia continued to strike energy infrastructure, including a gas production facility, undermining the energy ceasefire previously announced by US President Donald Trump. Zelenskyy also stated that Ukraine would press ahead with its own attacks on Russian targets.
At the same time, tensions escalated in Saudi Arabia, where authorities reported additional drone and cruise missile attacks following a deadly weekend strike on Riyadh’s airport. The Saudi-led coalition also cited further assaults linked to Iran-backed Houthi militants in Yemen. Separately, tanker attacks in the Strait of Hormuz fueled anxiety over shipping security, even as crude exports from the Persian Gulf remained relatively robust.