Oil prices finished higher on Monday, as investors watched an increasingly complicated situation in the Persian Gulf after Iran late last week seized a British-flagged tanker, and as the U.K. faces a change in leadership.
West Texas Intermediate crude for August delivery rose 59 cents, or 1.1%, to settle at $56.22 a barrel on the New York Mercantile Exchange on the contract’s expiration day. The August contract settled 7.6% lower last week. September WTI oil which is now the front-month contract, also settled at $56.22, up 46 cents, or 0.8%.
Brent crude for September delivery, the global benchmark, added 79 cents, or 1.3%, to finish at $63.26 a barrel on ICE Futures Europe. The contract slid 6.4% last week.