Data from the US Department of Energy showed that crude oil inventories in the US Strategic Petroleum Reserve fell to 285 million barrels last week, their lowest level since November 1982, as part of a US agreement to withdraw 172 million barrels from the reserve.
Oil prices jump by about 5%
Oil prices jumped by about 5% in Monday trading as tensions in the Middle East escalated and concerns over disruptions to energy supplies resurfaced.
By 12:51 GMT, Brent crude futures had risen by $4.97, or 4.75%, to $109.58 a barrel, while West Texas Intermediate crude futures were up $4.67, or 4.67%, at $104.72 a barrel.
Supply tensions in the Middle East
The United Kingdom Maritime Trade Operations agency said on Sunday that a vessel in the Strait of Hormuz was hit by a projectile, triggering a fire and forcing its crew to evacuate.
Iran said one person was killed and four crew members were injured aboard an Iranian commercial vessel that came under attack off its coast.
Saudi Arabia closed the East-West pipeline as a precaution following attacks from Iraq. Oil prices rose 8% over the past week amid the disruptions, topping $100 a barrel for the first time since July.
