The price of oil rose by about 0.3%, while investors watched for any fallout from political ructions in two of the world's major crude producers.
Last week, Brent crude oil prices increased by about 1%, while WTI crude oil rose in price by 2% on the back of improving economic indicators in the United States and China, the world's largest oil consumers.
The media reported that Iranian President Ebrahim Raisi and Foreign Minister Hossein Amirabdollahian were killed in a helicopter crash in a mountainous area near the border with Azerbaijan.
Meanwhile, Saudi Crown Prince Mohammed bin Salman postponed his visit to Japan, which was supposed to begin on Monday, due to health problems with his father, King Salman. Saudi media reported that King Salman will undergo treatment for pneumonia.
Saudi Arabia is the largest oil producer in OPEC and Iran is the third largest, but so far there are no immediate signs that recent events will lead to a reduction in oil supplies.
Other events contributing to a rockier geopolitical landscape include Ukraine continuing its drone attacks on Russia’s refining, while a China-bound oil tanker was hit by a Houthi missile in the Red Sea on Saturday.
Meanwhile, the United States reported that it took advantage of the recent drop in oil prices and purchased 3.3 million barrels of oil at $79.38 per barrel to replenish its strategic oil reserve.