Oil prices rose on Monday as fears of renewed sections against Iran after US President Trump de certified the nuclear deal held with Iran. Furthermore, the situation in Kurdistan region has also propped up prices as Iraqi Army entered the self-declared independent state of Kurdistan.

Brent crude futures, the international benchmark for oil prices, were at $57.85 at 0356 GMT, up 68 cents, or 1.2 percent, from the previous close.

The situation is expected to worsen in the coming days as Iran faces sanctions and Iraq faces conflict with Kurdistan, the crude supply in the international markets will decline substantially.

U.S. West Texas Intermediate (WTI) crude futures were trading at $51.89 per barrel, up 44 cents, or 0.9 percent.

Furthermore, OPEC has been vowing to cut back on its production to end the glut in the international oil markets. But members have been non-compliant as Saudi struggles to keep everyone in line. But with distressed Kurdistan and Iranian sanction, the oil markets will expectedly witness a significant rebound in oil prices.