Oil gains over 3% as fresh military strikes threaten Hormuz shipments

Elsewhere, Ukraine's Security Service said it struck an oil depot in Russia's Stavropol region overnight, as well as three storage tanks at an oil-loading site in the port of Kavkaz in the southern Russian region of Krasnodar.

Oil prices surged more than 3% on Monday after renewed military strikes between the United States and Iran reignited concerns over energy shipments through the Strait of Hormuz.

Brent crude futures LCOc1 were up $2.47, or 3.25%, to $78.48 at 1145 GMT, while U.S. West Texas Intermediate crude CLc1 was up $2.35, or 3.29%, to $73.76 a barrel.

"The focus will remain on the number of inbound tankers as a lower number could impact production, so currently we see a risk premium but as well a disruption risk supporting prices," said UBS analyst Giovanni Staunovo.