Oil prices rose on Monday amid high tensions in the Middle East after a British tanker was seized by the Iranian military at the end of last week.
Brent crude futures were up 51 cents, or 0.8%, at$62.98 a barrel by 0042 GMT. The international benchmark rose to as high as $63.47 earlier.
West Texas Intermediate (WTI) crude futures were up 15 cents, or 0.3%, at $55.78.
WTI fell over 7% and Brent fell more than 6% last week.
Iran’s Revolutionary Guards said they had captured a British-flagged oil tanker in the Gulf after Britain seized an Iranian vessel earlier this month, ratcheting up tensions along a vital international oil shipping route.
Britain was weighing its next moves on Sunday, with few good options apparent as a recording emerged showing that the Iranian military defied a British warship when it boarded and seized the ship three days ago.
Source : Reuters