05:01 AM EST, 12/09/2024 (MT Newswires) -- Crude oil prices surged early on Monday as the Middle East plunged into uncertainty following the fall of Bashar al-Assad's regime in Syria.

Brent crude gained 1% to US$71.84 per barrel and West Texas Intermediate crude jumped 1.3% to US$68.04/b at last look. Demand concerns - highlighted by Saudi Arabia's price reductions and the Organization of the Petroleum Exporting Countries' output cut extension - capped gains.

Saudi Aramco, the world's biggest crude oil exporter, has reduced January 2025 prices for Asian buyers to the lowest level since early 2021 as weak demand from China weighs on the market, Reuters said in a Monday report.

The number of oil and gas rigs deployed in the US last week also hit its highest level since mid-September, indicating rising output from the country, Reuters reported.