Oil prices surged on Monday and posted its largest monthly gain in a year on a supply shortage and political tensions in the Middle East and Eastern Europe. For April delivery, the most-active Brent contract rose 0.8% to settle at $89.26 per barrel, while the U.S. West Texas Intermediate crude advanced 1.5%, to close at $88.15 per barrel.
However, consumers and policymakers are growing anxious about the high oil prices, and there’s a feeling that policy makers might act faster and more aggressively to bring them under control. Major oil-importing nations could again begin haranguing OPEC+ to boost supply further.
