Both the US and Iran embark on military posturing amid a stand-off over Tehran’s nuclear programme

Oil prices are on the rise as traders react to growing concerns that the US could launch military action against Iran.

Both the US and Iran embark on military posturing despite trying to de-escalate a standoff over Tehran’s nuclear programme.

Brent crude is up 1.55% at $71.44 a barrel

WTI is up 1.61% to trade at $66.24 a barrel