Oil rose on Monday as investors remained cautious over the supply outlook, although the fallout from global trade tensions limited price gains.
October Brent crude futures were last up 90 cents, or 1.2 percent, at $75.19 a barrel by 9:55 a.m. ET (1355 GMT). The September contract expires on Tuesday. U.S. crude futures were up $1.65, or 2.4 percent, at $70.34 a barrel.
The oil price has been rallying almost uninterruptedly for the past two weeks, in part as looming sanctions on Iran have already started to curtail flows of oil from the country.
"There are a myriad of factors to follow at the moment in the oil market but one way or the other we always arrive at the same conclusion. It is the impact of the U.S. sanctions on Iran that will decide the next $15 a barrel," PVM Oil Associates Tamas Varga said in a note.