The US attack on Iran's major nuclear facilities pushed oil prices to a five-month high.

Gate News bot reports that, according to CNBC, oil prices surged to their highest level since January on Monday due to supply concerns triggered by the U.S. weekend joint attack with Israel on Iran's nuclear facilities.

As of 01:17 GMT, Brent crude oil futures rose by $1.92, an increase of 2.49%, to $78.93 per barrel. West Texas Intermediate crude oil futures rose by $1.89, an increase of 2.56%, to $75.73 per barrel.

The two major crude oil futures contracts rose more than 3% earlier in the session, reaching $81.40 per barrel and $78.40 per barrel, before giving back some of the gains after hitting a five-month high.

Previously, U.S. President Donald Trump stated that he had "destroyed" Iran's main nuclear facilities in the weekend attacks and joined Israel's assault, escalating the conflict in the Middle East, with Tehran pledging to defend itself.

Iran is the third largest oil producer in OPEC.

Market participants expect oil prices to rise further as concerns grow that Iran's retaliatory measures may include closing the Strait of Hormuz. About one-fifth of the world's crude oil supply passes through the Strait of Hormuz.

Iranian news television reported that the Iranian parliament has approved measures to close the Strait of Hormuz. Iran has previously threatened to close the strait, but has never actually taken action.

"The risk of damage to oil infrastructure... has increased exponentially," said June Goh, senior analyst at Sparta Commodities.

Although there are other pipeline routes in the region, a large amount of crude oil cannot be fully exported if the Strait of Hormuz is impassable. She added that shippers will increasingly steer clear of the area.

Goldman Sachs stated in a report on Sunday that if the oil flow through this key waterway is halved within a month and continues to fall by 10% over the next 11 months, Brent crude oil prices could briefly peak at $110 per barrel.