Oil prices rose in Asian trading on Monday on concerns that an escalation in the Middle East could disrupt regional oil supplies, while imminent US interest rate cuts boosted global economic prospects and fuel demand.
Brent crude futures rose 37 cents, or 0.5 %, to $79.39 a barrel, while US crude futures rose 36 cents, or 0.5 %, to $75.19 a barrel.
Both crudes rose more than 2 % last Friday after Federal Reserve Chairman Jerome Powell supported starting to cut interest rates soon.
Oil prices fell last week as fuel demand was affected by weak expectations for major economies.
The US Department of Energy said it bought nearly 2.5 million barrels of oil to help refill the Strategic Petroleum Reserve.
Source: National Iraqi News Agency