The prices of oil futures continued to soar on Monday following First Citizens Bank & Trust Co.'s acquisition of Silicon Valley Bank's deposits, which sparked optimism in investors across different markets.
Meanwhile, Iraq won an arbitration case against Turkey as it was determined Ankara violated the two countries' agreement on oil exports by enabling Kurdistan's regional government to send the commodity to the Turkish port of Ceyhan without Baghdad's approval. As a result, Turkey halted the pumping of Iraq's crude, forcing that country to pause approximately 450,000 barrels per day (bpd) in exports from Kurdistan.
West Texas Intermediate (WTI) for deliveries in May advanced by 5.20% at 2:12 pm ET to sell for $72.90. A minute later, Brent for the same month's settlements increased by 4.45% to go for $78.36 per barrel.
