Oil prices continued to rise on Tuesday as the risks of the conflict in the Middle East continuing for a long period increased after Iran threatened to respond to any new US attacks targeting its assets, raising fears of supply disruptions.
Brent crude futures rose 95 cents, or 0.98%, to reach $97.95 a barrel by 05:42 GMT. US West Texas Intermediate crude reached $93.33 per barrel, an increase of $1.85, or 2.02%.
Brent crude oil recorded its highest level since July 24 in the previous session, as traders continued to include risk premiums in prices amid escalating tensions around the Strait of Hormuz, which is a major artery for global crude oil shipments, according to Reuters.
