Benchmark Dubai futures for March delivery rose above 54,500 yen per kiloliter at one point on Monday. That is about 485 dollars and the highest in yen terms since October, 2018.
On Friday, the price of US crude oil topped 80 dollars a barrel, the highest in about seven years.
The decision last week by major oil producing nations not to pump more crude has aggravated concerns about tight supply.
In Japan, gasoline prices continue to rise, leading to growing concerns that higher costs for businesses could affect their bottom line.