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Oil prices spiked to their highest levels since April 2019 on Friday due to reports of escalating tension between the US and Iran.
Brent prices neared $70/barrel, topping out at ~$68.70. Likewise, WTI prices ralled to ~$63.40. The rally continued through the weekend and into Monday.
A similar rally of prices occurred in June 2019.
Amidst the escalation of tension, Chevron Corp. has pulled workers from its project sites in Iraq, according to multiple reports. The company noted that this decision was made to preserve the safety of its expatriate employees.
Source: Oilprice.com
This most recent escalation was caused by a US airstike in Bagdad, which killed a top Iranian military commander.
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