Oil edged up on Monday following a strike following a drone strike on American forces in Jordan that heightened worries about supply turmoil in the Middle East and as the recent Houthi attacks in the Middle East intensified.

Brent crude advanced by 21 cents to $83.76 per barrel meanwhile US WTI added 21 cents to $78.22 per barrel.

There is a growing risk that the crisis in the Middle East may worsen, with the previous weekend's drone attack on American troops in Jordan.

Meanwhile, commodities trader Trafigura is evaluating the security concerns associated with more trips over the Red Sea following the extinguishment of a fire on a tanker that was assaulted by Houthi the day before.

Investors are also keeping an eye on Europe's persistently high interest rates since ECB’s policymakers didn’t manage to agree all on Monday regarding the timing of interest rate cut.

Meanwhile, Russia is expected to reduce its daily shipments of naphtha, a feedstock used in petrochemicals, by between 127,500 and 136,000 barrels, or around one-third of its overall export volume.