Crude oil futures gained on Monday and reached their highest in five weeks in reaction to oil supply tension in Middle East by Iran. Moreover, the approval austerity measures program by the Greek parliament also resulted in high demand for the crude oil.

Analyst Matt Smith from Summit Energy commented, “Crude prices are on the charge higher today on the back of Greece’s parliamentary approval of austerity measures. With disaster seemingly diverted (well, postponed) by this vote, the flame of risk appetite has been fanned, and the euro and equities are hot to trot.”

Crude oil futures contract for March delivery surged 2.3 percent or $2.24 to settle at $100.91 per barrel on the New York Mercantile Exchange making it’s highest since January 10^th, 2012. Weakening greenback also boosted oil prices as the dollar index DXY which tracks the US dollar movement versus major counterpart currencies fell to 78.896 on Monday as compared to 79.149 on Friday’s North American trading session.

Among other commodities, gasoline futures contract for March delivery advanced 1.3 percent or $0.04 to settle at $3.01 per gallon while heating oil for the March delivery fell 0.7 percent or $0.02 to settle at $3.16 per gallon. Natural gas futures for March delivery declined 1.9 percent or $0.05 to $2.43 per million British thermal units.