Oil Prices Extend 2024 Rally After Ukraine Strikes Russian Energy Infrastructure

Oil prices firmed above $80 to start the holiday-shortened trading week, fueled by geopolitical tensions and tighter global supplies. Crude has joined the broader commodities rally and could add to renewed inflationary pressures throughout the U.S. and global economies. May West Texas Intermediate (WTI) crude futures picked up about 1.6 percent to finish the Monday session on the New York Mercantile Exchange, settling at $81.95 per barrel. Year to date, U.S. crude prices have rallied about 15 percent. Brent, the international benchmark for oil prices, also exceeded $86 on London’s ICE Futures exchange. June Brent futures surged roughly 1.5 percent, to $86.57 per barrel, at the end of the March 25 trading session....