Oil benefits from escalating tension in Middle East Gulf
Shutting down of Libya’s largest oil field further boosts crude
Singapore/Tokyo — Oil prices rose on Monday on concerns that Iran’s seizure of a British tanker last week may lead to supply disruptions in the Middle East and after Libya reported the shutdown of its largest oil field.
Brent crude futures climbed 85 cents, or 1.4%, at $63.32 a barrel in morning trading. The international benchmark rose $1 earlier.