Geopolitical tension outweighed uncertain growth prospects and Brent crude oil rose to its highest level since April 11th early on Monday. The commodity settled at $104.54 at 7:37 GMT on Monday morning.
The commodity saw a bit of a boost on Friday following positive job growth figures from the US. Data showed that US payrolls increased more than expected for the month of April and drove unemployment down to 7.5 percent, a four year low. Investors also took comfort in news that showed hiring in the number one oil consuming nation may have been stronger than reported over the past few months.
The conflict in Syria escalated on Monday after an Israeli airstrike over the weekend ignited concern that the civil war could provoke wider involvement and create oil supply interruptions. CNBC reported that Israeli officials claimed the raid was targeting Iran's ally, Lebanon's Hezbollah.
Israeli forces were attempting to stop the militant group from getting hold of weapons that could be used against Israel if the nation follows through with threats to attack Iran's nuclear facilities. Iranian officials have denied the accusations is urging its neighbors to unite against Israel.
Gains due to the growing Syrian conflict are likely to be capped as supply continues to outweigh demand in the market. With very little positive economic data to support a rally, some analysts expect to see investors take profit from Monday's rise if the situation in the Middle East doesn't worsen.
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Later on Monday, investors will have their eyes on eurozone retail sales for any indication that the region's financial woes are improving.
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