By early afternoon in Europe, benchmark crude for February delivery was up $2.67 to $101.50 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell 82 cents to settle at $98.83 in New York on Friday.
Global oil markets were closed Monday for the New Year's Day holiday.
In London, Brent crude was up $2.70 at $110.08 a barrel on the ICE Futures exchange.
On Monday, Iran test-fired a surface-to-surface cruise missile, part of 10-day naval maneuvers scheduled to end Tuesday. Iran's navy chief Adm. Habibollah Sayyari said the test showed the key oil passageway Strait of Hormuz is "completely under our control."
Pope Francis remained in critical condition Sunday and blood tests showed early kidney failure but he...
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