Price of oil soars after Biden fails to clinch production deal with Saudis

The price of crude oil surged on Monday following President Joe Biden's failure to secure a deal to boost production in Saudi Arabia during his visit to the kingdom.

U.S. West Texas Intermediate (WTI) August crude oil futures for August rose to $102.14 on Monday, for an increase of 4.67%, while Brent crude futures for September rose to $105.73 as of 4:38 p.m. EST.

Faced with an energy crisis back home, Biden sought to encourage the major OPEC nation to produce more crude and consequentially lower the worldwide price.

Americans face increasingly high energy costs as domestic production fails to keep up with demand, and sanctions stemming from the Russian invasion of Ukraine continue to wreck havoc on global markets. Average national gas prices rose above $5 per gallon for the first time in U.S. history in June and have continued to climb.

Biden visited Saudi Arabia last week and met with both King Salman and Crown Prince Mohammed bin Salman, attracting criticism for fist-bumping the crown prince, widely maligned as the alleged mastermind behind the murder of journalist Jamal Khashoggi.