Brent crude, the global benchmark for oil prices, rose 5.38 per cent to $95.36 per barrel on Tuesday as renewed tensions between the United States and Iran heightened fears of supply disruptions from the Middle East.
US West Texas Intermediate (WTI), the US oil benchmark, also gained 5.95 per cent to $90.86 per barrel.
The closing prices were the highest for Brent since July 24 and for WTI since July 23.
The rally followed renewed military exchanges between the US and Iran, with traders concerned that an escalation could threaten oil supplies from the region, according to Reuters.
The US launched fresh air strikes on Iranian targets on Tuesday, threatening to reignite the six-month-old conflict.
