\n Oil prices soared Monday as a weekend attack on Saudi facilities and discussions among European Union members over banning Russian crude raised concerns about global supplies.\n<\/p>\n
\n Top producer Saudi Arabia warned that Yemeni rebel attacks on the kingdom's oil facilities pose a \"direct threat\" to global supplies, while Baltic states indicated they would favor an embargo of Russian crude in retaliation for its invasion of Ukraine.\n<\/p>\n
\n The comments propelled crude prices higher, with both Brent and West Texas Intermediate gaining more than seven percent to climb above $110 a barrel.\n<\/p>\n
\n \"We saw what happened when the US first floated the idea of the EU banning (crude) imports... and if this becomes a realistic prospect, we could see oil prices rising much further,\" OANDA analyst Craig Erlam said.\n<\/p>\n
\n Wall Street dipped after Federal Reserve Chair Jerome Powell said the US central bank is prepared to raise interest rates by bigger steps than the quarter-point hike announced last week if that is what is needed to contain \"much too high\" inflation.\n<\/p>\n
\n \"The harsh reality of faster rate rises is setting in for some traders and that could eventually lead to a taper tantrum which might happen alongside stagflation,\" Edward Moya of OANDA said.\n<\/p>\n
\n \"Monetary policy is still accommodative for now, but that could quickly change if the Fed delivers a couple supersized rate hikes by the summer.\"\n<\/p>\n
\n The Dow and Nasdaq both closed about half a percentage point lower, while the S&P 500 ended flat.\n<\/p>\n
\n European equities finished slightly in the red -- though London had added half a percent at the close -- after Ukraine rejected a Russian ultimatum to surrender its besieged southern city of Mariupol.\n<\/p>\n
\n At a meeting Monday, EU nations remained split over banning Russian energy imports, with Germany, reluctant given its huge reliance on Russian gas. But a top official from the bloc decried \"a massive war crime\" being carried out by Moscow in Mariupol.\n<\/p>\n
\n Kremlin spokesman Dmitry Peskov warned that an oil embargo \"is a decision that will hit everyone.\"\n<\/p>\n
\n - Drone strike -\n<\/p>\n
\n An attack by Yemeni rebels on facilities belonging to oil giant Saudi Aramco on the Red Sea also pushed crude prices higher.\n<\/p>\n
\n Drone and missile strikes by Yemen's Iran-backed Huthi rebels over the weekend caused no reported casualties, but the Saudi energy ministry said the assault \"led to a temporary reduction in the refinery's production, which will be compensated for from the inventory.\"\n<\/p>\n
\n The Saudi-led military coalition that backs Yemen's government said it intercepted and destroyed ballistic missiles and drones launched towards Jizan and other areas in the kingdom, causing \"damage\" to several sites.\n<\/p>\n
\n \"It's officially a temporary outage but still has undermined the effect of Saudi Aramco's pledge to ramp up production in coming years,\" said Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown.\n<\/p>\n
\n The Saudi foreign ministry said the kingdom \"will not incur any responsibility\" for shortages in oil supplies in light of the Huthi attacks but noted a \"direct threat to the security of oil supplies in these extremely sensitive circumstances witnessed by the global energy markets.\"\n<\/p>\n
\n - Key figures around 2020 GMT -\n<\/p>\n
\n Brent North Sea crude: UP 7.1 percent at $115.62 per barrel\n<\/p>\n
\n West Texas Intermediate: UP 7.1 percent at $112.12 per barrel\n<\/p>\n
\n New York - DOW: DOWN 0.6 percent at 34,552.99 (close)\n<\/p>\n
\n New York - S&P 500: FLAT at 4,461.18 (close)\n<\/p>\n
\n New York - Nasdaq: DOWN 0.4 percent at 13,838.46 (close)\n<\/p>\n
\n London - FTSE 100: UP 0.5 percent at 7,442.39 points (close)\n<\/p>\n
\n Frankfurt - DAX: DOWN 0.6 percent at 14,326.97 (close)\n<\/p>\n
\n Paris - CAC 40: DOWN 0.6 percent at 6,582.33 (close)\n<\/p>\n
\n EURO STOXX 50: DOWN 0.4 percent at 3,888.59\n<\/p>\n
\n Hong Kong - Hang Seng Index: DOWN 0.9 percent at 21,221.34 (close)\n<\/p>\n
\n Shanghai - Composite: UP 0.1 percent at 3,253.69 (close)\n<\/p>\n
\n Tokyo - Nikkei 225: Closed for a holiday\n<\/p>\n
\n Euro\/dollar: DOWN at $1.1013 from $1.1051 Friday\n<\/p>\n
\n Pound\/dollar: DOWN at $1.3156 from $1.3181\n<\/p>\n
\n Euro\/pound: DOWN at 83.67 pence from 83.81 pence\n<\/p>\n
\n Dollar\/yen: UP at 119.47 yen from 119.13 yen\n<\/p>\n
\n burs-bcp-cdw\/lth\/pvh\/cs\n<\/p>\n
\n HARGREAVES LANSDOWN\n<\/p>\n
\n Saudi Aramco<\/p>\n","protected":false},"excerpt":{"rendered":"
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