Oil Prices Spike Amid Modest Supply Boost by OPEC+, War Tensions

Speculators have raised their long positions on Brent and WTI oil, signaling investors are bullish on prices.

A worker at an oil facility in the northern Al-Rawdhatain oilfield in Kuwait on March 28, 2005. Yasser Al-Zayyat/AFP/Getty Images

Crude oil prices jumped on Sept. 8 after OPEC+ decided to boost output at a slower pace amid growing concerns that the Russia–Ukraine war will not end soon.

Brent crude oil futures were trading at $66.92 per barrel as of 8:20 a.m. EDT on Monday, up about 2.17 percent from Friday’s close. WTI crude oil futures, the main oil benchmark in North America, were trading at $63.24, up by more than 2 percent.