NEW YORK (Reuters) -- Oil prices settled more than 3% higher on Monday, with Brent surpassing $80 per barrel for the first time since August, as the increased risk of a regionwide Middle East war jolted investors out of record bearish positions amassed last month.
Brent crude futures rose by $2.88, or 3.7%, to settle at $80.93 per barrel. U.S. West Texas Intermediate futures advanced by $2.76, or 3.7%, to $77.14 per barrel.
