RoydadNaft –  Brent crude futures climbed 62 cents, or 0.9 percent, to $72.61 per barrel. U.S. West Texas Intermediate (WTI) crude futures rose 53 cents, or 0.8 percent, to $69.76 per barrel.

According to Roydad Naft, oil prices gained nearly one percent on Monday after U.S. and Iranian strikes highlighted the fragility of their temporary truce, while expectations of a continued recovery in energy shipments through the Strait of Hormuz capped the gains.

Iran and the United States agreed to extend talks over the strait, boosting hopes of salvaging a peace deal that had come under threat in recent days from retaliatory attacks.

Brent crude futures rose 62 cents, or 0.9 percent, to $72.61 per barrel by 12:03 GMT. U.S. WTI crude gained 53 cents, or 0.8 percent, to $69.76.

Achilleas Georgoulopoulos, analyst at broker XM, said: “As long as the situation in the Middle East does not calm down completely and generates fewer headlines, a war premium may still remain in place.”

Brent crude fell 10.6 percent last week, marking its third consecutive weekly decline, after crude shipments through the strait reached their highest level since the start of the U.S.-Israel war with Iran in late February.

Analysts at ING wrote in a Monday note: “There are still plenty of risks threatening the oil market. However, it seems market participants have focused on what a sustained recovery in oil flows means for global balances.”

“This apparent disregard is odd and clearly leaves significant upside risk if the supply recovery is slower than expected.”

Shipping data shows Middle Eastern producers continue to load crude and LNG despite fresh attacks on vessels in the Strait of Hormuz and renewed U.S.-Iran strikes in recent days.

Saudi oil giant Aramco resumed crude loadings at its Ras Tanura terminal, west of the strait, on Friday after nearly four months of suspension.

Loadings continued even after a company helicopter crashed on Sunday at Ras Tanura, killing 14 nationals. The cause of the crash remains unknown.