Oil prices jumped on Monday, as escalating turmoil in the Middle East raised concerns over exports in the market.

Iraqi security forces on Monday fully recaptured the city of Kirkuk and took control of the government building after the Kurdish forces withdrew from the city, a local security source told Xinhua.

Meanwhile, U.S. President Donald Trump announced on Friday that he had decided to decertify Iran's compliance with the landmark deal reached in 2015.

"I am announcing today that we cannot and will not make this certification," Trump said at the White House as he unveiled a new Iran strategy of his administration.

Analysts said unrest in the Middle East and possible U.S. action on the Iran nuclear deal boosted the oil prices, as traders feared geopolitical tensions could cut off oil exports from the region.

On the data front, the number of rigs operating in U.S. oil fields fell by 5 to a total of 743 rigs last week, oilfield service firm Baker Hughes said in its weekly report on Friday.

The West Texas Intermediate for November delivery increased 0.42 U.S. dollar to settle at 51.87 dollars a barrel on the New York Mercantile Exchange, while Brent crude for December delivery rose 0.65 dollar to close at 57.82 dollars a barrel on the London ICE Futures Exchange.