Oil gains as Gulf tanker seizure raises tensions

Tokyo: Oil prices rose on Monday amid high tensions in the Middle East after a British tanker was seized by the Iranian military at the end of last week.

Brent crude futures were up 51 cents, or 0.8 per cent, at$62.98 a barrel by 0042 GMT. The international benchmark rose to as high as $63.47 earlier.

West Texas Intermediate (WTI) crude futures were up 15 cents, or 0.3 per cent, at $55.78.

WTI fell over 7 per cent and Brent fell more than 6 per cent last week.