7/18, 4:08 PM (Source: TeleTrader)
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Oil prices extend gains, jump almost 5%

Prices of oil futures extended gains on Monday, jumping almost 5% amid supply concerns. Namely, investors are seemingly showing fears over tightening crude supply, after United States President Joe Biden's visit to the Middle East failed to bring any conclusive results.

Meanwhile, the energy crisis on the European continent continues to raise worries, as it remains uncertain whether Russia will continue gas flows to Europe.

West Texas Intermediate (WTI) for settlements in August surged 4.87% to sell for $102.34 per barrel at 9:57 am ET, while Brent for deliveries in September skyrocketed 4.90%, going for $106.12 per barrel at 9:59 am ET.

Baha Breaking News (BBN) / AY