Oil prices jumped more than $4 a barrel, or about 5 percent, in early Asian trade on Monday, as political uncertainty worsened across the Middle East following the outbreak of confrontations in the Gaza Strip.
Brent crude rose $4.18, or 4.94 percent, to $88.76 a barrel, while U.S. West Texas Intermediate crude was at $87.02 a barrel, up $4.23, or 5.11 percent.
The rise in oil prices reversed last week's downward trend that saw its biggest weekly decline since March, with Brent down 11 percent and WTI crude down more than 8 percent amid concerns about rising interest rates and their impact on global demand.
Source (Al-Arabiya.net Website, Edited)
