Global oil prices gained on Monday following the release of strong macroeconomic data in the U.S. last Thursday.
International benchmark Brent crude was trading at $59.45 per barrel at 0652 GMT on Monday while American benchmark West Texas Intermediate was at $55.51 a barrel at the same time.
Strong retail sales in the U.S. appeased investor fears that the world's largest oil consumer could face a recession resulting in weak global oil demand for the rest of the year.
On Friday, Brent crude was trading at $58.95 per barrel at 0612 GMT with a 1% gain after it closed Thursday at $58.37 a barrel. WTI was at $55.23 a barrel at the same time for a 0.8% increase after ending the previous session at $54.78 per barrel.
Escalated tension in the Middle East is also impacting security of supply, pushing prices higher. On Sunday night, an Iranian oil tanker, which was seized in early July in Gibraltar, is expected to leave the country, Tehran's ambassador to London said.
'As two specialized engineering teams arrive in Gibraltar, the vessel is expected to depart tonight,' Hamid Baeidinejad said in a Twitter message.
Saudi Arabia has also seen its share of disruption when Yemen’s Houthi rebel group on Saturday claimed to have carried out drone attacks on oil facilities in southeastern Saudi Arabia.
Speaking on the Houthi-run Al-Masirah television, rebel spokesman Yehia Sarie said the Shia group had launched ten drone strikes on Aramco’s Shaybah oilfield and refinery, close to the United Arab Emirates border.
He described the attacks as “the biggest in the depths of Saudi Arabia” since the start of the Saudi-led coalition air campaign in Yemen in 2015, and vowed to carry out “bigger and wider operations if the [Saudi-led] aggression continues”.
By Gulsen Cagatay
Anadolu Agency
energy@aa.com.tr