WASHINGTON (dpa-AFX) - Extending the upward move seen over the two previous sessions, the price of crude oil has moved sharply higher over the course of the trading day on Monday.
Crude oil for has surged $2.42 or 2.6 percent to $94.27 a barrel after falling early in the session on hopes of Russia-Ukraine energy ceasefire.
The spike in crude oil prices comes in the wake of fresh attacks on Saudi Arabia's aviation infrastructure by Iran-backed Houthi militants and a drone strike on a tanker near the Sohar anchorage off Oman.
Saudi Arabia has extended the suspension of operations at King Khalid International Airport in Riyadh following a series of attacks on the facility over the weekend.
The attacks, which left 12 people dead and hundreds injured, is seen as a major escalation of the conflict between the Houthis and Saudi Araba.
Oil prices fell early in the day after U.S. President Donald Trump announced a diesel deal with Russia and claimed that Russia and Ukraine agreed to an 'energy ceasefire' and will halt attacks on each other's energy facilities.
However, Ukrainian President Volodymyr Zelenskyy said Russia violated the energy ceasefire declared by President Donald Trump, attacking a gas-production facility in Ukraine.
Meanwhile, OPEC has lowered its oil demand growth forecast for this year to 400,000 barrels per day from 1.4 million bpd at the start of the year.
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