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October WTI crude oil (CLV26) closed up +1.34 (+1.34%) on Monday, and October RBOB gasoline (RBV26) closed up +0.0099 (+0.30%).

Crude oil and gasoline prices settled sharply higher on Monday, with crude posting a 3.75-month high. Energy prices are rallying on fears that global oil supplies will tighten further after Saudi Arabia shut down its key East-West pipeline after attacks by Houthi rebels.

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Crude prices fell from their best level on Monday when President Trump said that Ukraine and Russia agreed to not attack each other's energy targets. Also, comments from US Energy Secretary Wright weighed on crude when he said that 12 million bbl of crude went through the Strait of Hormuz on Sunday, partially easing supply fears.

Crude prices rallied on Monday amid concerns that global oil supplies will tighten further after Saudi Arabia closed a major pipeline following attacks, disrupting a key route that bypasses the Strait of Hormuz. Saudi Arabia closed the East-West pipeline late last Friday, which carries 7 million bpd of crude, as a precaution following attacks by Houthi rebels and gave no indication of when it will reopen. The pipeline moves oil away from the Persian Gulf toward the Red Sea, where it can be loaded on tankers.

Crude also has support as Yemen's Houthi rebels target energy facilities in Saudi Arabia, forcing several oil facilities to halt production. Saudi Arabia said last Thursday that its crude production in August fell to 6.238 million bpd, the lowest since 1990.

The Houthi rebels captured the strategic Red Sea port city of Mokha last Thursday, 50 miles from the narrow Bab al-Mandab Strait at the southern end of the Red Sea, putting the group in a stronger position to attack ships. Since the closure of the Strait of Hormuz, Saudi Arabia has pivoted to the Red Sea to export most of its oil, but over the past two months, escalating tensions with the Houthis have disrupted that route.

Vitol Group said that global oil markets are continuing to tighten, with the loss of about 2 million bpd from crude exports in the Middle East, and a further 2 million bpd from Russia as a result of Ukraine's drone attacks. Data compiled by Bloomberg, Kpler and Vortexa showed that Saudi Arabia's Aug crude exports dropped to about 3 million bpd, the lowest amount in 9 years.