Oil prices continued to charge upwards on Monday morning, as heightened tensions in the Middle East looked to stick on traders’ minds.
Brent crude gained 1.3% to sit at US$80.05 a barrel on Monday morning, while West Texas Intermediate climbed 0.7% to US$77.29.
Prices had climbed steadily over the course of last week, on lingering concerns over an expansion of conflict in the Middle East.
News some US oil refineries were planning to scale back operations this quarter added to upward pressure, with Marathon Petroleum Corp set to operate at the lowest capacity since 2020.
According to the group, which owns the country's largest refinery, plants will operate at an average of 90% capacity for the quarter.
Peers PBF Energy Inc, Phillips 66 and Valero Energy Corp have also unveiled plans to trim back processing, with the companies collectively accounting for around 40% of America’s refining capacity.