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Oil Hits a Five-Month High as Libya Clashes Add to Supply Concerns

The Address | Benghazi – Libya

LIBYA – Oil spiked to its highest level in five months as a drop in the U.S. dollar and conflicts from Iran to Libya helped make the barrel look like an increasingly strong bet for investors.

Crude futures rallied as much as 2.1 percent in New York Monday. The dollar fell, improving the lure of commodities priced in the greenback. Meanwhile, fighter jets bombed the Tripoli Mitiga airport in Libya and U.S. President Donald Trump said he would designate Iran’s Revolutionary Guard a terrorist group, escalating tensions in two of the world’s biggest producers.

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