Singapore / Tokyo: Monday's oil prices soared due to worries that Iran's seizure of a British tanker last week could lead to supply disruptions in Western Asia and after Libya reported shutting down its biggest oil field.
Brent crude futures grew by 0404 GMT to 85 cents, or 1.4%, at $63.32 a barrel. Earlier, the global benchmark increased by $1. Crude futures in West Texas Intermediate (WTI) were up 47 cents or 0.8 percent, at $56.10 a barrel.
Outages and curbs of crude oil supply also contributed to greater prices. Speculative cash flows back into the oil markets in reaction to the escalating conflict between Iran and the United States and other Western nations playing along with indications of dropping supply in the Gulf waters.
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