Crude oil prices have risen on international markets as concerns over energy supplies in the Middle East have increased, while the prospect of an extension of the ceasefire between Iran and the United States has diminished, raising fears of renewed tensions in the region.
Brent crude oil prices rose 27 cents, or 0.3 percent, to $91.14 a barrel as of midnight GMT on Tuesday, August 18. Earlier, Brent prices had reached their highest level since late July in the previous session.
Meanwhile, US West Texas Intermediate (WTI) crude oil prices rose 42 cents to $85.04 a barrel, after rising more than 1 percent to $85.37 earlier in the day.
The oil market rally came as the prospect of a deal to end the US-Iran war receded, with tensions in the Middle East rising after Tehran vowed to take a more aggressive stance.
On the other hand, Washington has also ruled out extending the ceasefire, raising fears that the conflict between the two countries could intensify again.
In this situation, market participants are concerned about disruptions in oil supplies from the Middle East. According to them, a major disruption in supply could further increase oil prices in the international market.
