Oil prices rose sharply on Monday as fresh geopolitical tensions over the disappearance of a prominent Saudi journalist raised worries about reduced oil supply.
Brent crude rose by 88 cents or 1.09 percent to $81.31 a barrel after sharp losses last week. U.S. crude futures were up 44 cents or 0.62 percent at $71.78 a barrel, extending Friday's gains.
U.S. President Donald Trump has warned of "severe punishment" if Saudi Arabia was behind the disappearance of its dissident journalist Jamal Khashoggi who was reportedly killed inside the Kingdom's consulate in Istanbul. Riyadh said it would retaliate if there were any sanctions by the U.S.
Relations between the kingdom and the U.S. have deteriorated rapidly after
Jamal Khashoggi, a prominent critic of Riyadh and a U.S. resident, disappeared early this month after visiting the Saudi consulate in Istanbul.
Oil prices also remained supported in the wake of data showing that South Korea imported no Iranian crude in September for the first time in six years, bowing to pressure from the United States before U.S. sanctions against the Middle Eastern country take effect in November.
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