Oil prices surpassed $70 a barrel on Monday for the first time in more than three months as the US warned of increased threats to energy facilities in the Middle East, after the assassination of an Iranian general last week.
Brent crude, the international benchmark, rose more than 2 per cent in early Asia trading to touch a high of $70.11. Brent has climbed more than 5 per cent since US air strikes killed Qassem Soleimani in Iraq on Friday.
The latest gains followed a weekend of threats between Washington and Tehran, bringing the pair closer to conflict and raising tensions throughout the Middle East.
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