Oil prices up 2% to two-month high on summer demand hopes, supply worries

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Oil prices up 2% to two-month high on summer demand hopes, supply worries - Channel News Asia

Quick Summary:

:Oil prices gained about 2 per cent to a two-month high on Monday on hopes of rising demand during the Northern Hemisphere's summer driving season and worries that conflict in the Middle East could spread and reduce global oil supplies.Brent futures rose $1.60, or 1.9 per cent, to settle at $86.

Israel and Iran-backed Hezbollah have been trading fire since the start of the Gaza war, and concern is rising that an all-out war could break out between the two sides.

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