Amid rising tensions in the Gulf after the detention of an oil tanker, Brent crude rises to $62.98 and US crude gains 15 cents.
Oil prices rose on Monday. Brent crude oil futures increased 51 cents to reach $62.98 a barrel. US crude futures for US benchmark WTI rose 15 cents (i.e. 0.3%) to reach $55.78.
According to Reuters, amid heightened tensions in the Middle East after the Iranian army detained a British oil tanker a few days ago, the Iranian Revolutionary Guard said it had seized a British-flagged oil tanker in the Gulf.
The tension in the vital fairway for shipping crude has increased as Britain studies the measures to be taken in the oil tanker's detention crisis. The office of British Prime Minister, Teresa May said that she would chair a meeting of the government's committee emergency to respond to emergency this morning to discuss the crisis.