Oil prices soared on Monday, March 18, 2024 as attacks on Russian energy installations intensify.

The Brent oil benchmark hovered just below $86 per barrel on Monday, extending last week's gains as Ukraine intensified its attacks on Russian energy infrastructure. Brent crude oil futures for delivery in May were up 62 cents, or 0.7 percent, to $85.96 per barrel at 10:19am GMT

The April contract for American West Texas Intermediate (WTI) crude rose by 70 cents, or 0.9%, to $81.74, in a context of slow trade, with the contract set to expire in the coming days. The most active delivery contract for May traded up 71 cents, or 0.9 percent, to $81.29

Both oil contracts posted gains last week, with prices reaching their highest level since November, supported in part after the International Energy Agency boosted its demand outlook for 2024 for the fourth time since November. Meanwhile, in the Middle East, Israeli Prime Minister Benjamin Netanyahu said on Sunday that he would continue the military campaign against Hamas in Gaza, while ceasefire talks are expected to resume

The ceasefire talks “maintain a guessing game with subtext quotations that only add to the exasperation rather than anything that could influence oil prices,” said John Evans of oil broker PVM.