An energy installation on a property leased to Devon Energy Production Company by the Catholic Archdiocese of Oklahoma City is seen near Guthrie, Oklahoma
Nick Oxford | Reuters
Crude oil futures rose in the first day of second quarter trading Monday amid reports that the Iranian consulate in Damascus was hit by a missile strike.
The West Texas Intermediate contract for May delivery gained $1.28, or 1.54%, to $84.45 a barrel. The Brent contract for June delivery added 93 cents, or 1.07%, to $87.93 a barrel.
Syrian and Iranian state media said Monday that an Israel missile strike hit the Iranian consulate in Damascus. A Lebanese security source told Reuters that a senior commander in the Iran’s Revolutionary Guard Corps, Mohammad Reza Zahedi, was among the dead.
Geopolitical risk remains present in the market as Ukraine strikes Russian oil refineries, and Houthi militant attacks in the Red Sea have led to the diversion of crude deliveries around the Cape of Good Hope in southern Africa.
Oil has also been grinding higher in 2024 on expectations of strong global demand as OPEC+ holds barrels off the market through at least the second quarter.
U.S. crude and Brent have booked three consecutive months of gains. WTI is up 17.8% for the year while Brent has risen 14.2%.
#Brent #WTI #add #quarter #gains
