Brent crude futures climbed $4.16 or 4.11 percent to $105.45 a barrel this morning, while US West Texas Intermediate was at $99.80 a barrel, up $4.38, or 4.59 percent.
Aljazeera reported.
Last week, both contracts recorded 6 percent weekly losses on hopes for an imminent end to the 10-week-old conflict that would allow oil transit through the Strait of Hormuz, which remains all but closed.
Saudi Aramco CEO Amin Nasser said on Sunday that the world has lost about 1 billion barrels of oil over the past two months due to the war. He said energy markets will need time to stabilise even if flows resume.
US President Donald Trump slams Iran’s response to Washington’s peace proposal as “totally unacceptable”.
Iranian state media defends Tehran’s offer, saying US plan demanded Iran’s “surrender to Trump’s greed”.
Kuwait and the United Arab Emirates say they detected several drones in their airspace, while Qatar says a commercial cargo ship was targeted by a drone in its territorial waters.
Israel’s bombardment of Lebanon continues as Hezbollah claims more attacks on Israeli troops. Two Lebanese medics and a civilian are killed in an Israeli attack on emergency response centres in Bint Jbeil.
