NEW YORK — Oil prices were up about 8 percent on Monday, paring gains after hitting their highest since 2022 earlier in the session, as Saudi Arabia and other OPEC members cut supplies due to disruptions from the expanding U.S.-Israeli war with Iran. Brent futures rose $7.21, or 7.8 percent, to $99.90 a barrel at 12:42 p.m. EDT (1643 GMT), while U.S. West Texas Intermediate (WTI) crude rose $4.50, or 5.0 percent, to $95.40. In early trade, Brent soared to a high of $119.50 a barrel, its biggest-ever absolute price jump in a single day. WTI hit a high of $119.48. Since the United States and Israel bombed Iran on February 28, Brent has surged by as much as 65 percent and WTI 78 percent. Monday’s prices compare with all-time highs of $147.50 a barrel for Brent and $147.27 for WTI in July 2008, according to LSEG data. In addition to energy supply disruptions, oil prices got a boost after Iran’s hardliners staged a show of force on Monday, taking to the streets to proclaim their loyalty to new supreme leader Mojtaba Khamenei, whose rise appeared to dash hopes of a swift end to war in the M
Even From Their Bomb Shelters, Most Israelis Support the War on Iran
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