Energy Preview: Crude oil spikes around 10% on Monday

WTI Crude gained around 10% on Monday as supply worries owing to renewed US-Iran tensions pushed up the prices. The counter is up another 1.5% on Tuesday to trade near the $80 a barrel mark. The US President Donald Trump, in a post on Truth Social, demanded that the US must be reimbursed a 20% fee on cargoes, or over $30 million on full supertankers carrying oil, while the US Central Command launched a third straight night of strikes on Iran and reimposed a blockade on ships entering or leaving Iranian Ports.

Powered by Commodity Insights