Oil prices shot more than 2% higher on Monday, with Brent rising above $70 a barrel, after U.S. President Donald Trump issued a threat to impose sanctions on Iraq amid escalating tensions with Iran in the Middle East. Brent crude futures LCOc1 soared to a high of $70.27 a barrel, up $1.67, or 2.4%, from Friday's settlement. U.S. West Texas Intermediate CLc1 crude was at $64.39 a barrel, up $1.34, or 2.1%, after touching $64.44 earlier, the highest since April. The gains extended Friday's more-than-3% surge after a U.S. air strike in Iraq killed top Iranian commander Qassem Soleimani on Friday. The killing has heightened concerns of a widening Middle East conflict that could disrupt oil supplies from a region that accounts for nearly half of the world's oil production. Sunday President Trump threatened to impose sanctions on Iraq, the second largest producer among the Organization of the Petroleum Exporting Countries (OPEC), if U.S. troops were forced to withdraw from the country. The consultancy expects oil prices in 2020 to range from $65 to $75 a barrel, based on rising risks to oil infrastructure in the region.