Oil prices rose by more than 1.5% on Tuesday as concerns grew over possible supply disruptions caused by increasing tensions in the Middle East. The situation has raised uncertainty about the safety of shipping routes and the effectiveness of efforts to reduce risks in the region.
Brent crude futures gained $1.63, or 1.54%, reaching $107.31 per barrel.
Meanwhile, U.S. West Texas Intermediate (WTI) crude futures increased by $1.75, or 1.73%, to $103.14 per barrel after posting a 1.3% gain in the previous trading session.
The rise in oil prices reflects growing market worries that ongoing geopolitical tensions could affect energy supplies and create further instability in global oil markets.
