On Monday, Saudi Arabia said that two of its oil tankers were sabotaged off the UAE (United Arab Emirates) coast and caused "significant damage" to the vessels. One of those vessels was on its route to pick up Saudi Oil to be delivered to the United States.
The statement from Saudi Arabia's energy minister, Khalid al-Falih, came as the US issued a new warning to sailors and the UAE's regional allies condemning the reported sabotage of four ships off the coast of the port city of Fujairah on Sunday.
The news has increased concerns of supply disruptions from the Middle East amid the anxiousness around global economic prospects as China-US trade talks continue.
International crude oil benchmark, brent crude futures were trading at $71.00 a barrel, up by 38 cents, or 0.5 percent from their last close. US West Texas Intermediate (WTI) futures rose by up 7 cents, or 0.1 percent to $61.73 per barrel on Monday.
Petrol prices in Indian cities, on the other hand, were lowered on Monday morning at 6:30 to Rs 71.43 per litre in New Delhi, Rs 73.50 in Kolkata, Rs 77.04 in Mumbai and Rs 74.14 in Chennai.
Diesel prices per litre were also cut to Rs 65.98 in New Delhi, Rs 67.73 in Kolkata, Rs 69.13 in Mumbai and Rs 69.74 in Chennai.
These rates are revised every morning based on the international crude oil prices and foreign exchange rates.