06.01.202009:33:00UTC+00Oil Tops $70 A Barrel On Fears Of Supply Disruption

Oil prices continued to rise on Monday, with Brent crude crossing the $70 threshold for the first time since September as tensions between the United States and Iran escalated further following the killing of a top Iranian general.

Benchmark Brent crude was up 1.45 percent at $69.58, after having climbed more than 3 percent to hit as high as $70.75 earlier in the day. The contract surged 3.6 percent on Friday.

West Texas Intermediate futures were up 1.1 percent at $63.78 as the U.S. State Department warned of a "heightened risk" of missile attacks near military bases and energy facilities in Saudi Arabia.

U.S. President Donald Trump issued a threat to impose sanctions on Iraq and retaliate against Iran if it strikes back after the killing of its top commander.

The threat against Iraq, the second largest producer among the OPEC, comes after its parliament voted in favor of a resolution calling for an end to the foreign military presence in the country, including the estimated 5,200 U.S. troops stationed to help fight Islamic State extremists.

Iran announced Sunday it would no longer abide by the limits contained in the 2015 nuclear deal while reports from Baghdad say the U.S. embassy compound there was targeted in an attack on Sunday evening.