London [UK], June 1: Oil prices rallied by more than two percent in early trading on Monday as escalating geopolitical risks in the Middle East sparked fresh supply concerns, reversing losses from the previous session.
US crude futures climbed 2.37 dollars, or 2.71%, to reach $89.73 dollars per barrel by 1017 GMT. Brent crude futures also gained 2.07 dollars, or 2.27%, to trade at $93.19 per barrel.
The sharp rebound follows a downturn on Friday, when Brent and US West Texas Intermediate crude fell by 1.8% and 1.7%, respectively.
Source: Emirates News Agency
