Doha: Oil prices rose on Monday after climbing more than 2% in the previous session. Brent crude futures rose 42 cents, or 0.7%, to $66.30 a barrel, while US West Texas Intermediate (WTI) crude was at $61.49 a barrel. Both benchmarks notched weekly gains of 2.7% to close on Friday at their highest points since Jan. 14, 2026.

According to Qatar News Agency, the recent surge in oil prices highlights the ongoing volatility in the energy market. The steady increase in prices can be attributed to various factors, including global supply constraints and increasing demand as economies continue to recover post-pandemic. The rise in Brent and WTI prices marks a significant recovery from earlier lows experienced in the market.

The current trend in the oil market is being closely watched by industry analysts and investors, as it may impact global economic conditions and influence future energy policies. The increase in oil prices also poses challenges for consumer markets, where rising energy costs could lead to higher inflation rates.

Market analysts believe that if the upward trend in oil prices continues, it could lead to more strategic decisions by oil-producing countries to manage supply levels. This, in turn, could affect global trade dynamics and economic stability in regions heavily dependent on oil exports.