After Yemeni Houthis launched their first attacks against Israel over the weekend, oil prices continued their rise on Monday, with Brent heading for a record monthly increase.

Brent crude oil prices jumped $3.94, or 3.5%, to $116.51 a barrel at 7:03 GMT after closing up 4.2% on Friday.

U.S. West Texas Intermediate stood at $102.14 a barrel, up $1.86, or 1.87%, after a 5.5% gain in the previous session.

Brent jumped 59% this month, its largest monthly gain ever, surpassing gains seen during the 1990 Gulf War, after the Iranian conflict effectively closed the Strait of Hormuz , a passageway for a fifth of the world's oil and gas supplies.

Saudi crude oil exports rerouted from the Strait of Hormuz to the Red Sea port of Yanbu reached 4.658 million barrels per day last week, according to data from analytics firm Kpler.