Oil prices settle USD1 higher

Oil prices settled USD1 higher after rising more than 5 percent earlier in the session on Monday as Iran and Israel said they had halted attacks on each other following an appeal from US President Donald Trump. Tehran, however, said it would resume strikes if Israel continued to hit Hezbollah in Lebanon. Brent crude futures closed USD1.16, or 1.3 percent, higher at USD94.25 a barrel, while US West Texas Intermediate crude futures were up 76 cents, or 0.8 percent, at USD91.30. Brent has risen around 31 percent since the eve of the conflict just over 100 days ago, while WTI has risen around 37 percent. Brent in April touched a peak above $126 a barrel.