Oil prices experienced rebound on Monday following a sharp decline last week

Report informs via Interfax that the international benchmark for oil prices, rose to $73.47 per barrel on the London-based ICE Futures exchange.

The increase of $0.41 dollars, or 0.56%, comes amid heightened tensions in the Middle East.

Reports suggest that on Saturday, a drone launched by the Lebanese militant group Hezbollah crashed into a building near Israeli Prime Minister Benjamin Netanyahu's private residence in Caesarea. In response, Israel carried out several airstrikes on Lebanon the following day.

Traders are growing increasingly concerned about the possibility of an Israeli attack on Iran, following Tehran's strike on Israeli territory earlier this month.

Meanwhile, West Texas Intermediate (WTI) crude futures for November delivery also saw an increase, rising by $0.45 dollars, or 0.65%, to $69.67 per barrel on the New York Mercantile Exchange (NYMEX).