Mubasher: Oil prices rose on Monday amid scepticism over how promptly Saudi Arabia can resume full crude production following an attack in mid-month on its oil installations, against a backdrop of heightened tensions in the Middle East, Reuters reported.

By 9:23 am GMT, US Nymex crude futures rose by 0.21% to $58.21 per barrel (pb), while global benchmark Brent futures ticked up by 0.08% to $64.33 pb, with both contracts climbing earlier by more than 1%.

Oil market participants remained doubtful, despite efforts by Saudi Arabia to assuage global markets that it could restore its full output by the end of this month, after the attacks that hit its largest processing facility.

State-owned oil major Saudi Aramco switched grades, and pushed back crude and postponed deliveries of crude and refined products by days after the attack.

Moreover, tensions in the Middle East escalated since the attack, while the US Defense Department ordered additional troops to be deployed in the Gulf region.

Secretary of State Mike Pompeo on Sunday said that the additional troops are for “deterrence and defense” and the US aimed to avoid war with Iran.

“Even if war with Iran is averted, serious questions remain about the security of Saudi oil supplies,” a note by Moody’s Analytics was quoted by Reuters.