Crude oil and gasoline prices rallied as Saudi pipeline disruptions and ongoing regional conflicts exacerbate global supply tightness, overshadowing concerns about potential demand destruction.
WTI crude oil prices surged to a 3.75-month high due to supply disruptions from Saudi Arabia's pipeline closure and Houthi attacks.
RBOB gasoline prices rose alongside crude, supported by supply tightness and potential demand from hot weather.
Natural gas prices boosted by forecasts of hotter US weather, increasing cooling demand.
WTI crude oil prices surged to a 3.75-month high on Monday, driven by supply disruptions following the closure of Saudi Arabia's key East-West pipeline due to Houthi rebel attacks. While prices retreated slightly from session highs on diplomatic developments, the broader energy complex remains bullish as geopolitical tensions in the Middle East and Ukraine continue to tighten global supply chains.
Prices rallied primarily due to the precautionary shutdown of Saudi Arabia's critical East-West pipeline following Houthi rebel attacks, which threatened a key export route bypassing the Strait of Hormuz.