SINGAPORE: Middle East crude benchmark Dubai climbed on Monday amid active trading ahead of Lunar New Year holidays.

Asia oil markets will be closed on Tuesday and Wednesday because of the holidays.

Global benchmark crude prices rose more than 1% on Monday to near 7-year highs hit in the previous session, while supply concerns and political tensions in Eastern Europe and the Middle East put prices on track for their biggest monthly gain in almost a year.

Cash Dubai’s premium to swaps rose 5 cents to an eight-session high of $2.45 a barrel.