Oil Prices React to Banking and Geopolitical Factors

Crude oil prices surged on Monday, with Brent crude up 4.21% and West Texas Intermediate up 5.30%, recording their biggest gains in months, as fears of a wider financial crisis due to bank collapses and buyouts eased. Exxon and Chevron shares were up over 1%, while Apache Corporation and Marathon Petroleum Corp were up over 2.5% and nearly 3.4%, respectively. The rally was attributed to Iraq's move to shut off the pipeline from Iraqi Kurdistan to Turkey following an international arbitration ruling and the announcement by Russian President Vladimir Putin that Moscow would turn Belarus into a station for tactical nuclear weapons.