Oil rises after rising tensions in the Middle East after an attack on tankers
Oil prices rose on Monday after US Secretary of State Mike Pompeo said Washington would take all necessary measures to ensure security in the Middle East as tension mounted following an attack on tankers last week.
London Brent crude was up 14 cents at $ 62.15 a barrel by 0645 GMT, after rising 0.4 percent earlier. Crude was up 1.1 percent on Friday.
US WTI futures rose 3 cents to $ 52.54 a barrel, shedding some of their early gains. It had risen 0.4 percent in the previous session.
Prices jumped about 4.5 percent on Thursday, after the attack on two tankers near Iran and the Strait of Hormuz.
Prices are also bolstered by comments made by Saudi Energy Minister Khalid al-Faleh earlier this week, saying OPEC is likely to meet in the first week of July, hoping to reach an agreement to extend oil production cuts.