U.S. oil prices rose Monday, extending last week’s strong gains that had been prompted by building tensions between Iran and the United States, as Washington was set to announce new economic sanctions on Tehran, according to reports.

U.S. prices tallied a rise of nearly 9% for last week and posted the highest settlement this month, lifted by expectations those continued Middle East tensions that could disrupt oil markets, and with bulls cheered over signs that economy-boosting central bank policy would be delivered.

Early Monday, August West Texas Intermediate crude rose 43 cents, or 0.7%, at $57.86 a barrel on the New York Mercantile Exchange. The contract settled Friday at $57.43. Based on front-month prices, WTI finished at its highest since May 29. It rose 8.8% for last week, the biggest weekly percentage climb since the week ended Dec. 2, 2016, according to Dow Jones Market Data.

Source : Marketwatch