Crude prices rise on geopolitical worries

Crude prices gained Monday, boosted by escalating tensions in Ukraine and the Middle East.

U.S. President Barack Obama said Monday morning that Russian President Vladimir Putin has "direct responsibility" to compel separatists to cooperate with investigation into the crash of a Malaysia Airlines passenger jet in Ukraine last week, which killed all 298 people on board.

Market worried the conflicts in Ukraine may escalate. Russia is an important oil production country, most of its crude and gas exports to Europe pass through Ukraine. Any political uncertainty in this area could raise concerns about oil supplies issues globally.

Traders were also closely watching the development in the Middle East after Israel launched a ground offensive again Hamas militants in Gaza last week.

The Israeli military said on Monday morning it killed at least ten Gaza militants that were trying to infiltrate the country through two tunnels, as the death toll of the two-week fighting exceeds 500.

The tightening situation in Gaza added worries about the supplies from the oil-rich region.

Light, sweet crude for August delivery moved up 1.46 dollars to settle at 104.59 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for September delivery gained 44 cents to close at 107.68 dollars a barrel.