Strategists say that in addition to geopolitical risk, there are other factors such as the U.S. hurricane season pressuring oil supplies that could keep oil prices well-bid.
"We are at these levels in oil because there is a regional concern," Jonathan Barratt, founder of the commodities newsletter Barratt Bulletin, told CNBC on Monday.
"There's also the hurricane season in the U.S. that's about to enter a peak. So when you put that altogether, you have a recipe that could see a spike in the oil price just around the corner," he added.
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Brent crude oil prices have risen roughly 15 percent from lows hit in April. A further rise could exacerbate Asia's economic woes at a time when emerging markets in the region are taking a hit from worries about an unwinding in U.S. monetary stimulus.
"If oil prices start moving up – that's a clear negative for Asia," said Nomura's Chief Economist Rob Subbaraman. "The economy most at risk is India, which is very exposed to oil prices and so a spike in oil would worsen inflation, it would worsen the fiscal deficit."
— By CNBC.Com's Dhara Ranasinghe; follow her on Twitter @DharaCNBC