Crude oil futures touched its record high in 9 months at $105 per barrel on Monday in reaction to the news of Iran threatening to extend its oil supply restriction on Britain and France. Iranian President said on Monday that the embargo could be extended to other European countries too if they continue their hostile acts.

Crude oil futures contract for March delivery surged $0.93 to settle at $103.24 per barrel after touching the intraday high of $105.44 per barrel on the New York Mercantile Exchange.

Weaker dollar was another reason for appreciation of oil as markets in United States were closed in observance of the Presidents’ Day. The dollar index DXY which tracks the greenback’s movement versus its counterparts fell to 78.989 on Monday as compared to 79.334 on Friday’s North American trading session.