Oil prices rose on Monday, fuelled by escalating tensions in the Middle East.
By Monday morning, the price of a barrel of North Sea Brent crude for December delivery had increased by 1.05%, reaching $73.83.
Its U.S. counterpart, West Texas Intermediate (WTI), for November delivery, rose by 1.26%, reaching $70.09.
Analysts note that the market is closely monitoring the Middle East developments and their potential impact on oil supply.
Despite the rise, oil prices remain well below the levels seen earlier this month. At the start of October, Brent crude had surpassed $80 per barrel.
The overall decline in prices is largely attributed to lower demand forecasts and a slowdown in economic growth in China, analysts say.
