Brent crude oil rose about 0.9 percent to $73.21 a barrel early Monday. The increase marks a 127-cent rise from the day before the U.S. and Israel launched their war on Iran on February 28.

ALSO READ: Global Oil Prices Fall to Pre-Conflict Levels Following US-Iran Truce

Prior to this weekend's flare-up, global oil prices had fallen back to pre-conflict levels following a brief U.S.-Iran truce.

The sudden market anxiety follows announcements by U.S. Central Command of military strikes against Iran on Friday and Saturday.

Washington stated the operations were launched in retaliation for Iranian attacks on two commercial vessels navigating the Strait of Hormuz.

Iran immediately responded to the American strikes by launching a series of missiles and drones targeting U.S. military assets stationed in Bahrain and Kuwait.

ALSO READ: US Strikes Iran Following Drone Attack on Cargo Ship

ALSO READ: US, Iran Exchange Air Strikes as New Ceasefire Collapses

In peacetime, the disrupted Strait of Hormuz serves as a vital global conduit for about one-fifth of the world's trade in oil and liquefied natural gas (LNG).

In an effort to prevent further escalation, Washington and Tehran have reportedly agreed to cease their attacks and renew negotiations aimed at ending the war, according to multiple media outlets late Sunday citing unnamed U.S. officials.

Axios, quoting an unnamed senior U.S. official, reported that the two sides will hold face-to-face talks in Doha, Qatar, on Tuesday. However, Iran has yet to comment on the reported agreement to cease hostilities or the upcoming diplomatic meetings.

The weekend military deterioration has severely strained the memorandum of understanding signed by U.S. President Donald Trump and Iranian President Masoud Pezeshkian on June 17 to end the war.