Crude prices surged following an attack on Saudi Arabia’s oil infrastructure. In light of the disruption, President Trump said he has authorized the release of oil from the Strategic Petroleum Reserve if needed.

Brent crude, the global gauge of oil prices, was up 8.7% at $65.49 a barrel in early European trading on Monday, after initially soaring as much as 19.5%. U.S. oil futures were 8% higher at $59.26 a barrel. The moves put both benchmarks on track for their biggest one-day percentage gains since 2016, and for one of...