The prices of oil futures gained ground on Monday, rising more than 3%, as geopolitical tensions across the globe seemingly increased supply concerns. The United States and Iran were in the forefront, with Washington previously sending an advisory to US-flagged ships, warning them to stay “as far as possible” from Iranian territory while going through the Strait of Hormuz and the Gulf of Oman. In addition, the European Union (EU) recently announced that when it comes to tightening sanctions on Russian oil, it plans to discard the price cap limitations and introduce a ban on maritime services. The West Texas Intermediate (WTI) for March deliveries shot up 3.60% at 12:32 pm ET, going for $64.82 per barrel. A minute later, Brent for April settlements jumped 3.35%, selling at $69.39 a barrel.