Futures in NY and London jumped as much as 1.4 percent.
Also boosting prices is the widespread expectation that US President Donald Trump will withdraw from the Iranian nuclear pact. Iran re-emerged as a major oil exporter in 2016 after worldwide sanctions against it were lifted, and President Trump has a May 12 deadline to determine whether to extend sanction waivers. It was reported last week that OPEC compliance hit a new record high of 162 percent as the cartel pumped 32.12 million barrels per day this month, the survey found, down 70,000 bpd from March. Crude at $60 to $65/bbl is "suitable", an official from the OPEC producer said on Sunday, signaling a split with fellow group member Saudi Arabia that's said to be aiming for $80 oil.
"The expectation that the US will leave the sanctions waivers is leading Iran to sell as much as it can", Petromatrix strategist Olivier Jakob said. "If Trump should decide either to postpone or go for a surprise renegotiation of the deal, oil prices could slump by $5 quite easily".
U.S. West Texas Intermediate (WTI) crude futures rose 84 cents to $70.56 per barrel. Total volume traded was about 23% above the 100-day average.
The dollar, which has enjoyed a sudden reversal in fortunes as investors bet on more Fed rate hikes and a slower pace of tightening in the euro zone, rose 0.3 percent versus the euro to $1.1928.
Brent for July settlement rose 75 cents to $75.62 a barrel on the London-based ICE Futures Europe exchange. Monday was the first time since November 2014 that WTI had climbed above $70 per barrel.
Red Sox place Eduardo Rodriguez on family medical leave list
And his 68 career home runs out of the leadoff spot is just one behind Dom DiMaggio for the most in Red Sox franchise history. He is the first player in Major League Baseball history to have four games with three home runs before the age of 26.
On Monday, Saudi Arabian Energy Minister Khalid al-Falih said he is concerned about low oil industry investment and potential shortages in the future.But U.S. output has soared by more than a quarter in the last two years, to 10.62 million bpd. Iranian President Hassan Rouhani has already warned that the United States would regret its decision to exit the nuclear deal, and concerns over how Iran might react to the United States pulling out do not appear to have been factored into other asset classes.
While refusing to reveal what he will do on Saturday, Trump reiterated his belief the existing accord is "a frightful agreement for the United States", but "that doesn't mean I wouldn't negotiate a new agreement". America's European allies continue to back the deal, saying it has been essential to reining in Iran's nuclear program.
"Fresh sanctions, which would remove some of Iran's crude supplies from the global market, will tighten the balance between demand and supply, and support crude prices", Japan Oil, Gas & Metals National Corp chief economist Takayuki Nogami said by telephone from Tokyo.
The recent surge in prices suggests markets are assuming there will be some disruption to Iran's exports, Shum said.
But Shum said the impact is unlikely to be as severe as the multinational sanctions imposed on Iran in 2012.
Since sanctions were eased in January 2016, Iran's crude production has almost doubled, while exports last month soared to record levels.
" Avengers: Infinity War " is the fastest film to break the 1-billion-U.S. -dollar mark at the global box office . Whether it has what it takes to pass Black Panther near $700 million domestic haul remains to be seen .
Sridevi's family, Boney, Janhvi and Khushi went to receive the award and Boney shared that it is a proud moment to all of them. On Thursday, Janhvi paid a tribute to her late mom Sridevi by wearing one of her sarees at the National Film Awards 2018.
The phone will be powered by the latest Qualcomm Snapdragon 845 chip and will have an IP68 dust and water resistance rating. Users can launch the the Google Assistant by tapping the button once while tapping it twice will start the Google Lens .
Some fans also take this reference back to 1979, just two years after the release of Star Wars: Episode IV - A New Hope. It's incredible to see Star Wars fans rally around the spirit of Chewbacca and UNICEF's lifesaving mission.
True enough, candidates of the JD (S) and JD (U) were trounced by the Congress with Mr Siddaramaiah being among those defeated. The BJP chief said that since his party came to power at the Centre in 2014, it had gone on to form governments in 14 states.
The horses and jockeys were forced to navigate sloppy conditions at Churchill Downs in the first leg of the Triple Crown. In 2004, the Curse of the Bambino was lifted when the Boston Red Sox finally emerged with a World Series title.
Manager José Mourinho of Manchester United has said he's dropping Eric Bailly to give his other centre-backs a World Cup audition. His passes were too often square rather than forwards and incisive, and his final ball lacked precision when it truly counted.
In fact, they created a good chance on the 25-minute mark when Olsson headed over Andre Ayew's fine cross to the back post. They sit one spot above the relegation zone and now only have a one point cushion on Southampton below them.
Groups that favor limited immigration praised the administration's decision, saying the effects of Hurricane Mitch are long-gone. Around 437,000 immigrants from 10 countries affected by extreme violence or disasters have temporary protected status .
Klopp warns Salah against getting a reputation for diving
The result is a thin squad of over-worked players and the strain was evident in, if not the result of the defeat to Chelsea . Or he waited for the contact, I am not sure, so that is not what I want to see, that is not what he wants to do.
Trump White House accuses China of 'Orwellian nonsense'
Taiwan is China's most sensitive territorial issue, with China considering the self-ruled, democratic island a wayward province. Those airlines included American carriers, and the White House response on Saturday was swift, reports Reuters .
NASA Mission Returns to Mars to Research 'Marsquakes'
Only about 40pc of all missions to Mars from all countries - orbiters and landers alike - have proven successful over the decades. Once down, it will stay put, using a mechanical arm to place the science instruments on the surface.
What You Need to Know About the April Jobs Report
However, franchise employment dropped 10,600 jobs in April, including a fall of 2,000 jobs in auto parts and dealers, ADP said. Both the African-American unemployment rate and the Hispanic unemployment rate are at the lowest level ever recorded.
Kuala Lumpur-Singapore named busiest global air route
Total passenger traffic on the route was more than 4.6 million, compared with about four million for Singapore-KL. The 30,537 trips is nearly equivalent of 84 flights a day in a city state with a population of just 5.6 million.
Severe weather awareness week: Tornadoes
Severe Thunderstorm Watch is being peeled away this morning as round one of thunderstorms exits off to the east. The Storm Prediction Center has issued an enhanced risk of severe thunderstorms in parts of Iowa and Missouri.