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Brent crude futures were up 73 cents, or 0.9%, to $80.39 a
barrel by 0812 GMT, while U.S. West Texas Intermediate crude
futures rose 88 cents, or 1.2%, to $77.72.
"Support is coming from last week's better-than-expected U.S.
data which eased fears of a U.S. recession," IG markets analyst
Tony Sycamore said.
"There is also a great deal of anxiety about when Iran might
look to avenge Israel's assassination of key Hamas and Hezbollah
leaders. Feels like a matter of when - not if."
Iran and Hezbollah have vowed to retaliate for the
assassinations of Hamas leader Ismail Haniyeh and Hezbollah
military commander Fuad Shukr.
"The market is still waiting for Iran's response," ING's head of
commodities research Warren Patterson said.
In addition, the Israeli incursion into Gaza intensified on
Saturday with an airstrike on a school compound that killed at
least 90 people, according to the Gaza Civil Emergency Service,
though Israel said the death toll was inflated. Hamas cast doubt
on its participation in new ceasefire talks on Sunday.
Brent gained 3.7% last week, while WTI rose by 4.5%, buoyed by
economic data and increased hopes of a U.S. interest rate cut.
Three U.S. central bankers said last week that inflation
appeared to be cooling enough for the Federal Reserve to cut
interest rates as soon as next month.
China's consumer prices rose faster than expected in July, and
U.S. weekly jobless claims fell more than expected last week.
On Monday, Russia evacuated civilians from parts of a second
region next to Ukraine after Kyiv increased military activity
near the border just days after its biggest incursion into
sovereign Russian territory since the start of the 2022 war.
(Reporting by Paul Carsten in London, Colleen Howe in Beijing
and Florence Tan in Singapore; editing by Himani Sarkar and
Jason Neely)
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