08.04.201906:38:00UTC+00Oil Prices Climb To Five-month High

Oil prices hit five-month highs on Monday amid expectations that an escalating conflict in Libya could tighten supplies. OPEC-led supply cuts and U.S. sanctions against Iran and Venezuela also boosted prices.

Global benchmark Brent crude climbed 47 cents or 0.7 percent to $70.81 per barrel, while U.S. West Texas Intermediate (WTI) crude futures were up 41 cents or 0.65 percent at $63.49 per barrel.

The unrest in Libya flared up over the weekend after the Libyan government said it would start a counterattack to clear the forces loyal to Khalifa Haftar.

Haftar's forces and the UN-backed unity government exchanged air strikes Sunday, three days after Haftar launched an offensive to seize the capital.

U.S. Secretary of State Mike Pompeo has appealed for an immediate halt to the fighting in Libya, which has been gripped by a simmering civil war since the toppling of Muammar Gaddafi in 2011.

Oil prices have also been supported by OPEC's ongoing supply cuts, strong U.S. jobs data released on Friday and U.S. sanctions on Iran and Venezuela.

The oil cartel and its allies have pledged to withhold around 1.2 million barrels per day (bpd) of supply this year.