Oil Prices Soar as Geopolitical Risk Rises Rapidly

Oil prices spiked dramatically on Monday morning, with Brent breaking above $81 and WTI rising toward $77.  While hopes of an interest rate cut had already boosted bullish sentiment in markets, it is geopolitics and supply risks that sent prices soaring on Monday morning. A combination of Israel launching strikes against Hezbollah in Lebanon, Russia launching a major missile and drone attack on Ukraine, and the Libyan government in Benghazi declaring force majeure on all oil facilities drove oil prices up dramatically. All three of these events…