Summary

Oil prices climbed in early Asian trade on Monday as drone attacks on both the UAE and Saudi Arabia further dimmed hopes of any de-escalation in the region. The lack of a breakthrough on an Iran agreement during Trump's visit to China also added to upward pressure for oil prices, with fears of major global shortages now rising rapidly. At the time of writing, WTI front-month futures were trading at $108.20 per barrel, up 2.59% on the session, while Brent had climbed to $111.50 per barrel, up 2.03%.

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