Oil prices climbed nearly 3% on Monday on OPEC+'s decision for a month's delay in plans to increase output, while investors also focused on the U.S. presidential election.

Oil futures finished sharply higher Monday after OPEC+ said it would wait another month before beginning to unwind voluntary production cuts. Natural-gas prices also rallied as a potential hurricane looked to be heading into the Gulf of Mexico.

Oil prices rose after OPEC and its allies pushed back a planned production increase by a month, signaling caution amid growing concerns about weaker global demand and lower prices.