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Agencies
Oil prices rose more than 1% on Monday, as investors feared supply disruptions from the energy-rich Middle East after Iran seized a British carrier the last week.
Futures contracts on Brent rose 79 cents to 1.3% to $ 63.26 per barrel.
WTI closed up 59 cents, or 1.1 percent, to $ 56.22 a barrel.
Last week, West Texas dropped more than 7% and Brent more than 6%, weighed down by economic concerns and the return to US production in the Gulf of Mexico after a hurricane.
"Demand-side selling pressure seems to have dissipated this week," said Jane McGillian, vice president of market research at Tradeshow Energy in Stamford, Connecticut. "Concerns about geopolitical factors seem to have put an end to some of these pressures."
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