Oil prices rose by more than 1.5% on Tuesday, driven by renewed fears of disruptions in crude supplies amid escalating tensions in the Middle East, raising doubts about efforts to mitigate shipping risks in the region.
Brent crude futures increased by $1.63, or 1.54%, reaching $107.31 per barrel.
U.S. West Texas Intermediate futures also rose by $1.75, or 1.73%, recording $103.14 per barrel, after a 1.3% increase in the previous session.
This rise comes as concerns persist in the markets regarding the security of supply lines and the movement of oil tankers in the region, amid fears that escalating tensions could lead to further disruptions in global energy markets.
Markets are closely watching developments in the Middle East in the coming period, as oil remains highly sensitive to any threats that could impact production, transportation, or the flow of global supplies.