Oil prices rise 3 percent on Middle East escalation fears

Oil prices rose about three percent today, Monday, on fears that the escalation of the situation in the Middle East would disrupt oil supplies from the region. Brent crude futures rose $2.30, or 2.91 percent, to $81.32 a barrel, and US crude futures rose $2.22, or 2.97 percent, to $77.05 a barrel. Brent reached $81.35 a barrel during today's trading session, the highest level in 11 days. Source: National Iraqi News Agency