Oil rose Monday on fresh Middle East fears as Joe Biden pledged to retaliate after Iran-backed Huthi rebels killed three US service members in a drone attack, while equities were boosted by China’s latest move to support its troubled markets.
The drone strike on a base in Jordan — which came two days after Yemen’s Huthi group struck a vessel in the Red Sea — ramped up tensions in the region and stoked worries about supplies through the key trade waterway.