By: Economy Middle east

Oil prices continued to climb on Monday, with Brent on track for a record monthly increase following the expansion of Middle East conflict over the weekend.

Brent crude futures rose by $2.50, a 2.37 percent increase, to reach $107.82 a barrel by 08:28 Dubai time following a 4.2 percent gain at Friday’s close.

U.S. West Texas Intermediate reached $101.10 a barrel, an increase of $1.46, or 1.47 percent, after a 5.5 percent rise in the prior session. 

Brent has climbed 59 percent this month, marking its most significant monthly advance, as the conflict essentially obstructed the Strait of Hormuz, a passage for 20 percent of global oil and gas supplies.

Saudi crude exports diverted from the Strait of Hormuz to the Yanbu port on the Red Sea reached 4.658 million barrels per day last week, according to Reuters, which cited data from the analytics firm Kpler.