Oil on track for biggest monthly gain in a year on supply constraints, political tensions | Reuters

Oil on track for biggest monthly gain in a year on supply constraints, political tensions | Reuters

Oil prices were on track for their biggest monthly gain in almost a year on Monday, boosted by a supply shortage and political tensions in Eastern Europe and the Middle East.

The most-active Brent contract, for April delivery , was trading 83 cents higher at $89.35 per barrel by 1:16 p.m. EST (1816 GMT). The front-month contract for March delivery , rose $1.20 to $91.23 a barrel but was set to expire later in the day.

U.S. West Texas Intermediate crude rose $1.11, or 1.3%, to $87.93 a barrel.

The benchmarks recorded their highest levels since October 2014 on Friday, at $91.70 and $88.84, respectively, and their sixth straight weekly gain. They were headed for gains of about 17% this month, the most since February 2021.