Media reports say the price of oil moved by 4% after America and Britain launched strikes in Yemen over recent attacks by Houthi rebels on ships in the Red Sea.
On Friday, Brent Crude reached $80.71 per barrel before easing.
US West Texas crude increased by 2.79% to $74.03.
It said Brent crude hit $80 per barrel for the first time this year.
The British government is concerned ongoing attacks on shipping in the Red Sea could affect the UK economy, where growth remains fragile.