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An oil platform in the Red Sea in Ras Behar region, Egypt on January 29, 2023.

Oil prices edged higher on Monday on increasing concerns of potential supply disruptions from the Middle East producing region after Israel stepped up attacks on Iranian-backed forces.

Brent crude futures for November delivery increased 16 cents, or 0.22%, to $72.14 a barrel as of 0043 GMT. That contract expires on Monday and the more-active contract for December delivery gained 10 cents, or 0.14%, to $71.64.

U.S. West Texas Intermediate crude futures CLc1 added 8 cents, or 0.12%, to $68.26 a barrel.

Last week, Brent fell around 3%, while WTI fell by around 5% as demand worries increased after fiscal stimulus from China, the world's second-biggest economy and the top oil importer, failed to reassure market confidence.

However, prices on Monday were supported by the possibility of a widening Middle East conflict involving Iran, a key producer and member of the Organization of the Petroleum Exporting Countries, after Israel increased its attacks on the militant groups Hezbollah and the Houthi that Iran backs.

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