Oil prices settle higher

Oil prices settled almost 3 percent higher on Monday after US President Donald Trump said the ceasefire with Iran was “on life support,” leaving the Strait of Hormuz largely closed with no clear end in sight to the war. Brent crude futures settled up USD2.92, or 2.88 percent, at USD104.21 a barrel. US West Texas Intermediate settled at USD98.07 a barrel, up USD2.65, or 2.78 percent. Brent reached a session high of USD105.99 and WTI hit a peak of USD100.37. Last week, both benchmarks recorded 6 percent weekly losses on hopes for an imminent end to the 10-week-old conflict that would allow oil to transit through the Strait of Hormuz.