Egypt: Oil prices rallied by more than two percent in early trading on Monday as escalating geopolitical risks in the Middle East sparked fresh supply concerns, reversing losses from the previous session. US crude futures climbed 2.37 dollars, or 2.71%, to reach $89.73 per barrel by 1017 GMT. Brent crude futures also gained 2.07 dollars, or 2.27%, to trade at $93.19 per barrel.

According to Emirates News Agency, the sharp rebound follows a downturn on Friday, when Brent and US West Texas Intermediate crude fell by 1.8% and 1.7%, respectively. The market's focus has been drawn to the Middle East amid fears that potential disruptions could affect oil supply, leading to the significant price increases witnessed on Monday morning.

Investors and market analysts are closely monitoring the situation, as any further escalation in geopolitical tensions could result in additional volatility in oil prices. The fluctuations are also being watched by governments and businesses around the world, as changes in oil prices have widespread economic implications.