After a few hours of trading, North Sea crude rose to $95.98 per barrel in June futures trading, while U.S. WTI crude rose to $90.15 in May futures trading, according to CNBC. Prices have risen by more than 6 percent.
This weekend, when trade was closed, Iran said it would again close the Strait of Hormuz, a key route for oil trade.
Despite the increases, oil prices remain below their previous peaks in April and March, when the price climbed slightly above $100 per barrel on several occasions.
Before the U.S. and Israel began a war against Iran at the end of February, oil was around $70 per barrel.
