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An area of low pressure over the central tropical Atlantic has a 50% chance of becoming a cyclone in the next 48 hours, the U.S. National Hurricane Center (NHC) said on Monday.

Robert Rennie of Westpac Bank says markets had been under pricing geopolitics risks despite various attacks in the Middle East.

Robert Johnston of Eurasia Group says spare capacity and relatively weak demand will likely "moderate" the price spike in oil following drone attacks that knocked out about half of Saudi Arabia's daily crude production.

Saudi Aramco has 35-40 days of supply to meet contractual obligations, a source close to the matter told CNBC.

Humberto has strengthened into a hurricane in the Atlantic and is forecast to strengthen further during the next 48 hours, the U.S. National Hurricane Center (NHC) said on Sunday.

Volkswagen said on Monday it had agreed to pay up to A$127 million ($87.3 million) to settle lawsuits brought on behalf of thousands of Australian customers caught up in its global diesel emissions cheating scandal.

Oil prices retreated on Monday after hitting their highest since May at the open, on fears over supply disruptions following an attack on Saudi Arabia's oil facilities on Saturday that cut more than 5% of global oil supply.

"There is reason to believe that we know the culprit," Trump said in a post on Twitter.

Investors will watch for market reaction in shares of oil companies across the region on Monday, following a surge in crude prices after drone attacks hit Saudi oil supply.

Trump said oil would be released if needed to keep the market well supplied and he would expedite the approval of pipelines in Texas and other states.