Abu dhabi: Oil prices surged by more than 4 percent on Monday. Brent crude futures rose by US$3.86, or 4.2 percent, to settle at US$94.98 per barrel. US crude futures also gained US$4.80, or 5.5 percent, to settle at US$92.16 per barrel.

According to Emirates News Agency, the increase in oil prices was observed in both Brent and US crude futures. The rise marks a significant movement in the energy market, reflecting changes in supply and demand dynamics. The increase in prices is being closely watched by market analysts and stakeholders in the oil industry.

This surge in oil prices could have implications for various sectors, including transportation and manufacturing, as well as for consumers who may see changes in fuel prices. The oil market continues to be influenced by a range of factors, including geopolitical developments and production levels.