Oil rises due to supply concerns resulting from geopolitical tensions

Oil prices rose on Monday as traders considered the impact of the war in the Middle East and Ukraine on oil supplies in light of unfavorable economic factors pressuring global demand for oil.

According to Reuters, by 1141 GMT, the price of Brent crude oil rose 22 cents to $78.78 per barrel.

US West Texas Intermediate crude futures for February delivery rose 31 cents to $73.72 per barrel. The contract expires later on Monday. The most active March West Texas Intermediate crude futures rose 26 cents to $73.51.