Oil prices surge, stocks mostly rise despite inflation concerns

Oil prices surge, stocks mostly rise despite inflation concerns

LONDON “” Oil prices surged on Monday and stock markets traded mostly higher as investors weighed worries over high inflation against the reopening of virus-hit economies.

After Asian indices closed mostly lower, with sharp losses in Hong Kong and Shanghai, Europe pushed higher. Wall Street open mixed.

Benchmark oil contract Brent North Sea crude, which has been rising strongly on rebounding demand, broke past $70 per barrel for the first time since January 2020 after an attack on energy facilities in Saudi Arabia.

Wall Street had surged Friday following news that the US economy created 379,000 jobs in February, reaffirming the view that it is on track for a strong recovery.

The report came just ahead of senators passing Joe Biden's $1.9 trillion rescue plan, setting it up for the US president's signature by the end of the week.

 

'Runaway inflation' 

 

Brent peaked at $71.38 “” the highest level since January 2020 “” before falling back under $70 per barrel.

The strike on the Aramco facilities “” including one of the world's biggest oil ports “” by Yemen's Houthi rebels on Sunday followed the bombing of the country's capital Sanaa by a Saudi-led military coalition.

The rising hostilities underscore a dangerous intensification of Yemen's conflict between the coalition-backed