Adds latest prices, Trump comments in paragraphs 1-5
Crude futures surged by more than 30pc on Monday, in one of the biggest single-day increases on record, after a weekend of continued attacks and growing signs of oil supply disruptions in the Middle East.
The front-month May Ice Brent contract rose as high as $119.50/bl at around 10.30am Singapore time (02:30 GMT), up by 29pc or $26.81/bl from the close on 6 March.
US benchmark WTI rose even more sharply. The front-month April contract traded as high as $119.48/bl, a gain of 31pc or $28.58/bl from the close on 6 March.
Today's new highs mean futures have now risen by around 65-78pc since 27 February, the day before the US-Iran war started.
Oil prices are likely to drop rapidly once "the destruction of the Iran nuclear threat is over", US president Donald Trump said on his social media platform shortly after prices began to surge today. The rise in prices is "a very small price to pay for USA, and World, Safety and Peace," Trump said.
Kuwait's state-owned oil firm KPC said on 7 March it has started to reduce crude output and refinery runs after oil exports were effectively halted by the war.
Kuwait is the second Mideast Gulf country to confirm production shutdowns because of the war. Upstream shutdowns are also expected in Saudi Arabia, the UAE, Qatar and Iran should the war continue.
There has been no sign of an end to the conflict in the Middle East, which has now lasted for nine days. Israel struck fuel storage tanks in Iran, causing a huge fire, while Iran continued to fire drones and missiles at Israel and US allies in the region.
