Oil prices rise: Oil prices rose by more than 2 percent in early Asian trading on Monday, amid limited transit through the Strait of Hormuz, a development that has kept global oil supplies tight.

According to Qatar News Agency, futures for Brent crude climbed by $2.22, or 2.11 percent, to $107.55 a barrel, while West Texas Intermediate crude rose $2.02, or 2.14 percent, to $96.42 a barrel.