Oil prices rose by more than 3% on Monday when markets reopened. The price of Brent crude, the international benchmark, climbed 3.29% to reach $96.15 a barrel.
While West Texas Intermediate (WTI) rose 3.25% to settle at $93.48 a barrel.
The increase was driven by Iranian missile strikes against Israel on Sunday, the first since the truce of April 8.
Israel retaliated on Monday, raising fears of a resumption of the conflict in the region after two months of de-escalation.
Apprehension is therefore spreading through the oil markets. This is despite OPEC+'s announcement on Sunday of an increase in oil production quotas of 188,000 barrels per day in total for July.
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