Oil prices have spiked in recent weeks following the increased tensions in the Middle East.

Oil prices have spiked in recent weeks following the increased tensions in the Middle East.

Brent crude futures were up $1.52 or 1.97 per cent to $78.53 a barrel as of 6am UK time. US West Texas Intermediate crude advanced $1.51 or 2.04 per cent to $75.35.

Investors will be keeping an eye on Australia's inflation data for May.