Credit: MARCO ANTONIO MARTINEZ / AFP via Getty Images

(CNN)-- Oil prices rose as the pace of mutual attacks between the United States and Iran escalated, heightening concerns about Tehran's announcement of closing the Strait of Hormuz.

Brent crude, the global benchmark for oil prices, rose 3.6% to $78.7 a barrel, after recently falling to around $70 a barrel. West Texas Intermediate (WTI), the US benchmark, also rose 3.5% to $73.92 a barrel.

Despite this increase, oil prices are still far below levels that exceeded $120 a barrel for Brent during earlier periods of war.

Analysts at Deutsche Bank wrote in a note released Monday that "the reciprocal attacks between the United States and Iran are increasingly focusing on the Strait of Hormuz, where Iran has declared the waterway effectively closed and warned ships against crossing it, while US authorities insist it remains open and continue to escort commercial vessels and ensure their passage."

The analysts added: "Reports of damage to ships, interception of missiles and drones, and targeting of military and energy-related sites across the Gulf indicate the conflict is widening."