Oil prices rise sharply after biggest weekly gain in a year

Oil prices continued their strong gains in trading on Monday, after recording their largest weekly increase in more than a year on Friday, amid increasing risks of a regional war in the Middle East. By noon on Monday, Brent crude futures rose 94 cents, or 1.2%, to $78.98 a barrel. US West Texas Intermediate crude futures also rose $1.09, or 1.51%, to $75.51 a barrel. Brent rose more than 8% last week, its largest weekly increase since January 2023, while West Texas Intermediate crude rose 9.1%, its largest weekly increase since March 2023. Source: National Iraqi News Agency