Crude Jumps on Global Energy Crunch; US Oil at 7-Year High

Crude oil storage tanks are seen in an aerial photograph at the Cushing oil hub in Cushing, Okla., on April 21, 2020. Drone Base/Reuters

LONDON—Oil prices rose 2 percent on Monday, extending multiweek gains as an energy crisis gripping major economies shows no sign of easing amid a pick up in economic activity and restrained supplies from major producers.

Brent crude was up $1.62 cents, or 2 percent, at $84.01 a barrel by 0914 GMT, The highest level since October 2018.