London (CNN Business) Oil prices are moving higher as global tensions with Iran continue to escalate, sparking concerns about supply.

Futures of Brent crude , the global benchmark, rose more than 2% Monday to reach $64.02 per barrel. US oil prices saw similar gains and hit $56.83.

The gains follow news on Friday that Iran seized a British tanker in the Strait of Hormuz.

Britain has warned that it will take "robust" action if Iran does not release the ship, and the government's emergency response committee is meeting Monday.

The episode comes after Britain detained an Iranian tanker in waters off Gibraltar.

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