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Tighter supplies and slower US inflation helped crude break out of the trading range it had been stuck in for about two months, with Brent crude closing above $80 a barrel for the first time since April.

If new analysis is right, the summer is going to be painful for oil consumers everywhere.

The price cap on Russian oil is costing the Kremlin $172 million a day, a Finnish researcher said.

Russian warning of consequences against USA following a Ukrainian missile strike in Crimea supported crude prices Monday.

Oil climbed to the highest since late July as fears of production outages in Libya that would exacerbate a global energy crunch.

US crude futures pierced $85 for the first time since October, the latest milestone in a rally driven by OPEC+ production cuts, strong demand and heightened geopolitical risks.

Oil rose to the highest closing price this year as slowing flows from Russia, production cuts by OPEC+ and falling US inventories pointed to a tightening market.

Oil rallied as supply concerns took center stage with the EU threatening to ban Russian supplies this year and U.S. regional fuel inventories dropping to record lows.

Russian crude cut warning bolstered futures.

Oil wiped out almost all of the gains stemming from OPEC+'s surprise output cut as signs of global economic slowdown compound a bearish technical correction.