The latest increase followed fresh military action involving the US and Iran as well as attacks by Iran-backed Houthis on Saudi Arabia, adding to uncertainty over energy supplies from the region
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
Brent crude futures rose $2.11, or 2.40 per cent, to $90.20 a barrel, while US West Texas Intermediate (WTI) crude gained $1.89, or 2.27 per cent, to $85.30 a barrel
Brent crude futures fell 0.7 per cent to $87.24 a barrel in early trade, marking a fourth consecutive session of losses
Crude prices have risen more than 50 per cent this year as the six-month conflict between the US and Iran has disrupted shipments of crude oil and refined petroleum products from the Middle East
Both benchmarks had settled more than $1 higher on Tuesday, reaching their highest closing levels since July 31
Oil prices are now at their highest levels since the two countries signed a memorandum of understanding on June 17 aimed at ending the conflict
