Oil prices rose about a dollar a barrel on Monday on concerns that tensions in the Middle East and Russia's ongoing invasion of Ukraine could curb global supplies.
Brent crude futures settled higher by 66 cents, or 0.9%, at $77.99 a barrel and U.S. West Texas Intermediate crude futures settled at $72.78 a barrel, up 50 cents, or 0.7%. Both contracts gained for the first time in four sessions.
Traders have been closely following the situation in the Middle East, where progress on ceasefire negotiations between Israel and Hamas appeared elusive, indicating tensions in the oil-producing region are set to linger.
The United States also continued its campaign against Houthis in Yemen, whose attacks on shipping vessels have disrupted global oil trading routes.
