Crude oil prices climbed sharply on Monday following a weekend drone strike near a UAE nuclear facility. The attack fueled concerns regarding global supply disruptions through the Strait of Hormuz.
Brent crude futures for July delivery rose above $111 per barrel. U.S. West Texas Intermediate (WTI) futures surpassed $106 per barrel.
Market risk premiums increased as tensions between the U.S. and Iran intensified. President Trump warned that the clock is ticking for Tehran to reach a diplomatic deal.