Futures for Brent crude, the global benchmark, gained 2.4% to reach $70.24 per barrel — the first time prices have hit that amount in more than six months.
US oil futures advanced 2.1% to reach $64.36 per barrel.
Still, analysts said last week that they expect a limited response that won’t significantly disrupt crude supplies, keeping a lid on oil prices.
Meanwhile, a closely watched private survey of China’s services sector released Monday showed slowing growth in December. The Caixin/Markit services purchasing managers index reached 52.5 in December, down from November’s seven-month high of 53.5. Still, December’s number was above the 50-point level indicating growth.
Official data from that sector released last week also showed slowing growth.
US futures, meanwhile, fell about 0.5% on Monday, building on last week’s losses.
— Charles Riley contributed to this report.