Baghdad: Oil prices rose in early Asian trading on Monday amid escalating tensions in the Middle East. Brent crude futures increased by $1.70, or 2.3%, reaching $75.93 a barrel, while U.S. West Texas Intermediate crude climbed $1.62, or 2.2%, to $74.60. Both crudes had risen by more than $4 earlier in the session.

According to National Iraqi News Agency, both benchmarks jumped seven points at settlement last Friday, after rising more than 13 percent during the session to reach their highest levels since last January. The rise in oil prices reflects growing concerns over potential disruptions in oil supply due to the situation in the Middle East.