Oil prices rose in Asian trade early in the first session of the week amid escalating tensions in the Middle East after Iran-backed Yemeni Houthi rebels fired missiles at Israel, and remarks by US President Donald Trump heightened concerns about the risk to energy supplies in the region, CNBC reported, BTA reported.
Brent futures, which are the benchmark for Europe with delivery in May, rose 2.07 percent to $114.09, LSEG data showed.
U.S. light crude oil prices rose 1.42 percent to $101.25 per barrel.
Brent earlier opened at $116.75 per barrel, while the US variety hit a session high of $103.38.
In an interview with the “Financial Times“ yesterday, US President Donald Trump said that his preferred option regarding Iran was "to take the oil in Iran", drawing a parallel with US actions in Venezuela.
The statement comes as the conflict between the US and Israel on the one hand and Iran on the other, which is expanding in the region, enters its fifth week. Over the weekend, the Houthis launched attacks on Israel, further heightening tensions and raising concerns about the disruption of key oil supply routes, including through the Red Sea and the Strait of Hormuz.
Analysts have warned that the deepening conflict and the risk to energy infrastructure could keep upward pressure on oil prices and lead to further volatility in global markets.