Shares of major oil companies were higher pre-bell Monday as crude prices surged past $100 per barrel.

Front-month global benchmark North Sea Brent crude was up 15% at $107 per barrel, while US West Texas Intermediate crude was 13% higher at $103 per barrel.

Exxon Mobil (XOM) shares were 1% higher, Chevron (CVX) stock was up 1.6%, ConocoPhillips (COP) shares were 2.1% higher, TotalEnergies (TTE) stock was up 2.3%, Eni (E) shares were 4.7% higher, Shell (SHEL) stock was up 1.4%, and BP (BP) shares were 0.7% higher.

Adding to the strain on global supply, Iraq's oil output has fallen by about 60% as export disruptions force shutdowns, Bloomberg reported over the weekend, citing people familiar with the matter.

The Middle Eastern country is now pumping about 1.7 million to 1.8 million barrels of oil per day, down from roughly 4.3 million barrels before the conflict began, according to the report.

Iraq's Ministry of Foreign Affairs did not immediately respond to MT Newswires' request for comment.