International oil prices climbed for the second straight day on Monday, continuing their upward trend from the weekend.
The price surge was fueled by U.S. President Donald Trump’s renewed warning to Iran, which he posted on his social media platform, Truth Social.
Trump cautioned that Iran would face consequences if the Yemen Houthi rebels, supported by Iran, engage in further provocations.
It was a threat that the U.S. could impose tighter restrictions on Iranian oil exports.
Concerns about potential supply disruptions drove oil prices higher.
The prices surged about 0.6%, slightly lower than the 1% rise on March 14.
Brent crude, the international oil benchmark, exceeded $71 per barrel.
Brent futures settled at $71.07 per barrel in May, up $0.49 (0.69%) from the previous session.
West Texas Intermediate (WTI), the U.S. benchmark, saw its April contract rise by $0.40 (0.60%), closing at $67.58 per barrel.
