Brent futures rose to a high of $116.89 a barrel earlier in the session
Brent crude futures slip as G7 members pledge stability measures
Brent oil prices slipped on Monday after Group of Seven finance leaders signalled readiness to act to stabilize energy markets, paring earlier gains that had pushed the global benchmark close to $117 a barrel following the Yemeni Houthis’ attacks on Israel.
Brent futures rose to a high of $116.89 a barrel earlier in the session but pared gains later in the day to trade down 52 cents or 0.5% at $112.05 at 12:36 p.m. ET (1646 GMT). U.S. West Texas Intermediate futures were up $3.45 or 3.5% at $103.09 a barrel.
Finance ministers and central bankers from the G7 countries said they stood ready to take "all necessary measures" to safeguard energy market stability and limit broader economic spillovers from recent volatility.
Conflict has spread across the Middle East since U.S. and Israeli strikes on Iran began on February 28, stoking concerns over shipping routes around the Arabian Peninsula and the Red Sea.
Iran’s effective closure of the Strait of Hormuz, a chokepoint for roughly a fifth of global oil and gas supplies, has sent oil prices up about 58% this month, the steepest monthly jump in LSEG data going back to 1988, exceeding gains made during the 1990 Gulf War. U.S. crude, meanwhile, has climbed by 51% for its biggest monthly gain since May 2020.
