Oil prices rose on Monday, recouping some of the losses they had suffered in the prior week, Xinhua reports.

The West Texas Intermediate (WTI) for March delivery gained 72 cents, or 0.98 percent, to settle at 74.11 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for April delivery added 1.05 dollars, or 1.31 percent, to settle at 80.99 dollars a barrel on the London ICE Futures Exchange.

The rally came after a devastating earthquake that struck Türkiye and Syria early Monday halted operations at Türkiye's major oil export hub in Ceyhan. The Ceyhan terminal exported over 1 million barrels a day in January, according to crude oil and refined oil product flows data provider Vortexa.

Also lending buoyancy to oil were expectations of rising demand from China.