Brent crude futures have been up 51 cents, or 0.8%, at$62.98 a barrel by 0042 GMT. The worldwide benchmark rose to as excessive as $63.47 earlier.
West Texas Intermediate (WTI) crude futures have been up 15 cents, or 0.3%, at $55.78.
WTI fell over 7% and Brent fell greater than 6% final week.
“Falling international demand and rising U.S. stockpiles have helped flip oil charts very bearish, however that won’t final as tensions stay excessive within the Persian Gulf,” Edward Moya, senior market analyst at OANDA in New York, stated in a notice.
Iran’s Revolutionary Guards stated they’d captured a British-flagged oil tanker within the Gulf after Britain seized an Iranian vessel earlier this month, ratcheting up tensions alongside a significant worldwide oil transport route.
Britain was weighing its subsequent strikes on Sunday, with few good choices obvious as a recording emerged displaying that the Iranian army defied a British warship when it boarded and seized the ship…