Crude jumps on global energy crunch; U.S. oil at a 7-year high

The energy crisis sweeping the world is raising the prospect of a difficult winter to come as heating demand rises.

Oil prices surged again on Monday, extending the multiweek gains as an energy crisis gripping major economies shows no sign of easing amid supply restraint from the major producers.

Brent crude was up $1.20 cents, or 1.5%, at $83.59 abarrel by 0414 GMT, after gaining nearly 4% last week.

The U.S. oil was up $1.51, or 1.9%, at $80.86 a barrel, the highest since the late 2014. The U.S. crude rose 4.6% through Friday.