Mubasher: Oil prices jumped on Monday due to geopolitical tensions over the disappearance of Saudi journalist Jamal Khashoggi.

Crude oil futures were also impacted by data that showed South Korea stopped importing any oil from Iran in September for the first time in six years before the US sanctions on the Organization of Petroleum Exporting Countries’ (OPEC) third-largest producer come into force in November, Reuters reported.

By 5:34 am GMT, Brent Crude climbed 1.17% to $81.37 per barrel (pb), while WTI Crude Oil (Nymex) rose 1.02% to $ 72.07pb.

The US crude futures leaped 80 cents, or 1.12%, to $72.14 pb, extending gains accomplished last Friday following massive losses on Wednesday and Thursday.

The missing US resident journalist and critic of Riyadh Jamal Khashoggi has put Saudi Arabia under pressure when he disappeared on 2 October after visiting the kingdom’s consulate in Istanbul.

Meanwhile, concerns over the long-term outlook for oil demand eased on prices, according to the London-based news agency.