New york: Oil prices rose more than 4 percent on Monday. Futures for Brent crude climbed $3.86, or 4.2 percent, to settle at $94.98 a barrel. US crude futures advanced $4.80, or 5.5 percent, to settle at $92.16 a barrel.
According to Qatar News Agency, despite the daily gains, Brent crude ended May down about 19 percent, while West Texas Intermediate fell roughly 17 percent. This marked their steepest monthly declines since March 2020, when the coronavirus pandemic sharply curtailed global energy demand. The losses came amid growing optimism that the United States and Iran were nearing an agreement.