The price of Brent crude oil crossed the $70 mark for the first time since May 2019 on Monday.
The rise follows an unsuccessful attack launched by the Iran-backed Houthi militia on the facilities of Aramco in Saudi Arabia and comes against a backdrop of optimism about a global economic recovery.
The price of a barrel of North Sea Brent gained 2.11 percent on Monday at $70.89. For several weeks now, the price of Brent has been on the rise.
In February, it had exceeded $60 for the first time in more than a year, boosted by prospects of a recovery in demand for oil due to the recovery of the world economy.
US West Texas Intermediate (WTI) crude for April rose $1.60, or 2.4 percent, to $67.69.
The front-month WTI price touched $67.98 a barrel earlier, the highest since October 2018.