Oil prices extended gains on Tuesday amid heightened tensions between the US and Iran and concerns over potential disruptions to crude supplies from the Middle East.
Brent crude futures rose 34 cents, or 0.35 per cent, to $97.34 a barrel, while US West Texas Intermediate (WTI) crude gained $1.15, or 1.26 per cent, to $92.63 a barrel. Brent had reached its highest level since July 24 in the previous session.
Iran on Monday threatened retaliation against further US attacks on its assets. The warning followed strikes between the two sides over the weekend, with no diplomatic breakthrough reported.
Strait Of Hormuz Remains In Focus
US forces on Saturday struck three Iranian oil tankers, including one near Kharg Island, Iran's main oil export hub. The strikes followed attacks by Iran's Revolutionary Guards on US warships operating in the region.
The developments have renewed concerns around the Strait of Hormuz, a major transit route for global oil shipments.
The front-month Brent contract was trading at a premium of around $20 to the October 2027 contract.