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Oil prices rise amid tensions over Saudi Arabia
Oil futures rose sharply on Monday as tensions mounted over the disappearance of prominent Saudi journalist Jamal Khashoggi, raising concerns about supplies.
Oil markets also received support following data showing that South Korea imported no oil from Iran in September for the first time in six years, before US sanctions against Tehran began in November.
Brent crude rose 98 cents, or 1.22 percent, to $ 81.41 a barrel by 0124 GMT, and is on course to achieve its biggest daily gain since Oct. 9.
US crude futures jumped 80 cents, or 1.12 percent, to $ 72.15 a barrel, extending gains on Friday after heavy losses on Wednesday and Thursday.
"The market once again expressed concern over the geopolitical tensions in the Middle East after the exchange of US and Saudi statements about the disappearance of the Saudi journalist, which led to higher prices," Wang Xiao, head of oil research at Jotai Junan Futures, wrote in a research note.
Saudi Arabia has been under pressure since the disappearance of Khashoggi, a prominent critic of Riyadh, who disappeared on October 2 after entering the Saudi consulate in Istanbul.
Saudi Arabia would respond to any economic sanctions on the case, the official SPA news agency quoted an official source as saying.
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