Oil Prices Rise Amid Escalating Mideast Tensions

Oil prices have risen as tensions in the Middle East escalate, following Iran's threat to retaliate against any new U.S. attacks on its assets.

The Brent crude futures price climbed 34 cents, or 0.35%, to $97.34 a barrel by 0000 GMT, while U.S. West Texas Intermediate crude was at $92.63 a barrel, up $1.15, or 1.26%.

The increase in oil prices is attributed to the heightened risk of supply disruption due to the ongoing conflict in the Middle East.

According to Daniel Hynes, an analyst at ANZ, 'The recent escalation of the Middle East conflict has increased the likelihood of a prolonged standoff, punctuated by calibrated military action by the U.S. and Iran.'