2024.03.2609:40:00UTC+00Oil Extends Gains On Supply Concerns

Oil prices held Monday's gains as heightened geopolitical tensions exacerbated supply concerns.

Benchmark Brent crude futures rose 0.2 percent to $86.21 a barrel, while WTI crude futures were up 0.2 percent at $82.10.

Russian President Vladimir Putin has publicly acknowledged that "radical Islamists" were behind the recent attack on a concert hall outside Moscow.

At the same time, Putin also suggested a potential involvement of Ukraine in the incident, which occurred on March 22 at Crocus City Hall.

Elsewhere, Israeli Prime Minister Benjamin Netanyahu has cancelled a trip to Washington by an Israeli delegation of top officials after the U.S. abstained from a vote at the United Nations Security Council calling for a Gaza cease-fire.

As the conflict in Gaza enters its sixth month, both Israel and Hamas have rejected the most recent attempts by international mediators to stop the carnage.

The Yemen-based Houthi militants have warned Saudi Arabia that it would be a target if it provides aid and support to the US-British aggression against the group.

The warning comes amid increased attacks against vessels in the Red Sea claimed by the Iran-backed group in support of Palestinians.