Oil prices rise after opening the session lower, driven by growing concerns about possible US actions in Iran and the risk of supply disruptions in the region.
Brent crude oil and WTI rose 0.7% to $65.94 a barrel and $61.57 a barrel, respectively.
“Investor perceptions of upside risks have increased,” says Kieran Tompkins of Capital Economics. “The most impactful risks to the global oil market come from military action,” including possible attacks on oil infrastructure or retaliation by Tehran that could disrupt shipping through the Strait of Hormuz.