Baghdad: Oil prices rose on Monday at settlement after the US intercepted an oil tanker in international waters off the coast of Venezuela earlier this week. Brent crude futures for February delivery rose $1.60, or 2.6 percent, to settle at $62.07 a barrel.

According to National Iraqi News Agency, West Texas Intermediate (WTI) crude futures also experienced an increase, rising $1.49, or 2.64 percent, to settle at $58.01 a barrel. The interception of the oil tanker has been a significant factor contributing to the upward movement in oil prices, as it has raised concerns over potential supply disruptions in the region.