Oil prices climbed in early Asian trading on Tuesday after reports that the United States had launched an attack on Iran’s Qeshm Island. The news raised fears that the eight-month-long conflict could escalate and cause further disruptions to oil supplies from the Middle East.
Brent crude futures increased by $2.30, or 2.2%, to $107.07 per barrel. US West Texas Intermediate (WTI) crude futures also rose by $2.08, or 2.16%, to $98.54 per barrel.
On Monday, Brent crude settled at $104.77 per barrel after falling $8.66, or 7.63%.