Oil Climbs on Fears of Multi-Front Supply Shock

Oil prices had another volatile start to the week before breaking out due to a combination of military escalation and diplomatic breakdown. At the time of writing, after climbing to $116 and then flash crashing to $114, Brent Crude was trading at $116.69, up 3.66%. Meanwhile, West Texas Intermediate had risen 3.18% to $102.80. Another weekend of escalation in the conflict started with an Iranian strike on Prince Sultan Air Base in Saudi Arabia on Saturday, wounding at least 15 U.S. service members and damaging key aerial refueling assets. The strike…