Oil prices hit a new five-month high on Monday with Brent crude futures, the international benchmark, reaching $70.74 per barrel.
US West Texas Intermediate (WTI) future also hit a high of $63.46 per barrel in the commodities market.
On Friday, Brent crude first hit the $70 mark for the first time in 2019, after falling to a low of $50.47 in January from $86.29 in October.
Crude prices have been on the rise since the beginning of 2019, with Brent gaining as much as 31% since January amid a squeeze in global oil supply.
Ongoing supply cuts and US sanctions on Iran and Venezuela have been the major driver of prices throughout this year.
Both countries’ oil production levels are in decline, and are expected to account for a total of 1.76 million barrels per day (bpd) in lost output this year.
But the latest price boost has been linked to renewed tensions in Libya, a member of the Organisation of Petroleum Exporting Countries (OPEC), causing fears of a further supply disruption.
In addition, the supply cut deal of OPEC and its allies continues to put upward pressure on crude prices.
Dubbed as OPEC+, the cartel and its allies agreed in December 2018 to lower total production by 1.2 million bpd for the first six months of 2019 to balance the market.
Nigeria, which was exempted from the previous production cuts deal, agreed to a quota under the current agreement.
With a reference level of 1.738 million bpd, the country was given a new quota of 1.685 million bpd.