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Crude oil prices soared over 3% on Monday, marking the fifth consecutive session of gains, driven by fears of a widening Middle Eastern conflict that could significantly tighten global crude supplies.

Brent climbed to $82.30/barrel, up $2.64 or 3.3%, recording its largest percentage gain in a single trading session this year. 

WTI settled at $80.06/barrel, rising by $3.22 or 4.2%.

Market participants are keenly awaiting reports this week for more insights into supply and demand balances. On Monday, the Organization of the Petroleum Exporting Countries (OPEC) revised its forecasts downward for global oil demand for this year and the next. The International Energy Agency (IEA) is set to release its monthly outlook on Tuesday. 

Written by: Rochelle Nguyen