Brent crude eases as G7 pledges to stabilize energy markets

Brent crude futures experienced a volatile session on Monday, paring earlier gains after finance leaders from the Group of Seven (G7) indicated their readiness to intervene to stabilize global energy markets. The global benchmark had climbed toward $117 a barrel following recent escalations in the Middle East involving Yemen and Israel. Brent futures reached a peak of $116.89 before retreating to trade down 0.5% at $112.05. Meanwhile, West Texas Intermediate futures in the United States rose 3.5% to $103.09 a barrel.

The market remains on edge as conflict has intensified since strikes involving the U.S. and Iran began in late February, threatening critical shipping lanes. The effective closure of the Strait of Hormuz by Iranian forces has driven oil prices up by approximately 58% this month, marking the steepest monthly jump in data going back to 1988. U.S. Treasury Secretary Scott Bessent noted that the global oil market is currently well supplied, with more vessels attempting to navigate the volatile region.