World oil prices rose on Monday, February 5, after a sharp drop last week. Oil is rising in price as Washington vowed to launch further strikes against Iranian-backed groups in the Middle East and Ukrainian drones struck a major oil refinery in southern Russia, according to Reuters. Brent crude oil futures rose 0.5% to $77.7 per barrel, while US WTI futures were trading at $72.5 per barrel, up 0.4%. Both benchmark indices ended last week down about 7%. Investors remain wary of any escalation in the Middle East conflict after the U.S. signaled further strikes against Iranian-backed groups in th…