Oil prices went up on Monday amid signs of tightening supply ranging from Middle East countries to Canada.
The West Texas Intermediate (WTI) for September delivery added 1.44 U.S. dollars to settle at 70.13 dollars a barrel on the New York Mercantile Exchange, while Brent crude for September delivery gained 0.68 dollar to close at 74.97 dollars a barrel on the London ICE Futures Exchange.
Oil prices were supported after Saudi Arabia announced it would suspend shipments of oil through the critical Bab el-Mandeb Strait due to military tensions, according to Reuters.
Concerns for less supply from Iran are also rising as the deadline for international businesses to wind down ties with the country is looming under the renewed U.S. sanctions.
Moreover, Canada's oil company Suncor Energy has scaled back its expectations for production this year as supplies from one of its major oil sands facilities have been disrupted by a power outage earlier this year.
Editor:Cherie
