Brent crude futures climbed at the start of Monday trading as markets digested a weekend of renewed military activity around the Persian Gulf.
The price advance followed a period of heightened geopolitical tension, with traders reacting to reports of new attacks in the region that threaten to disrupt key shipping lanes.
The move higher extends a broader rally in energy markets that has been fueled by fears of supply disruption.
Earlier in the week, oil prices advanced on reports that the United States is considering extending its blockade of Iranian ports.
The prospect of prolonged restrictions on Iranian exports has kept a premium on crude, as traders price in the risk of reduced global supply.
The latest escalation comes amid a complex diplomatic backdrop. U.S. President Donald Trump recently announced that China has agreed to purchase American crude oil, a development that initially supported prices by signaling strong demand from the world’s largest importer.