Brent closes above $88 a barrel, rises over 4%

Oil drilling rigs

Oil futures settled higher on Monday, as markets digested the impact of escalations in the Middle East.

International benchmark Brent crude jumped 4.2% to $88.15 a barrel.

West Texas Intermediate (WTI) crude climbed 4.4% to $86.38 a barrel.

In its annual report, OPEC said global oil demand was likely to reach a level of 110.2 million bpd in 2028, reflecting a jump of 10.6 million barrels compared to 2022.

Elsewhere, the international rig count decreased by 28 units month-on-month (MoM) in September to 1,760, data from energy services firm Baker Hughes showed. The oil rigs in the Middle East fell two units MoM to 327 but rose 19 year-on-year (YoY).