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Oil prices rose on Monday amid rising tensions in the Middle East after the Iranian military seized a British tanker days ago.
Brent crude futures were up 51 cents, or 0.8 percent, at $ 62.98 a barrel, after touching $ 63.47 earlier.
US benchmark WTI crude futures rose 15 cents, or 0.3 percent, to $ 55.78, according to Reuters.
US crude fell more than 7 percent and Brent fell more than 6 percent last week.
The Iranian Revolutionary Guard said it had seized a British flag carrier in the Gulf after British forces seized an Iranian tanker earlier in July, adding to tension in the vital shipping lane for shipping crude.
Britain is considering measures to be taken in the airline's detention crisis and appears to have little options after a record showed that the Iranian military ignored a British warship when it landed on board the carrier three days ago.
British Prime Minister Teresa Mae's office said she would chair a meeting of the government's emergency response committee this morning to discuss the crisis.
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