Brent crude, the global oil price benchmark, rose by 5.38 per cent to $95.36 per barrel on Tuesday.
US West Texas Intermediate (WTI) also increased by 5.95 per cent to $90.86 a barrel.
The closing prices were the highest for Brent since July 24 and for WTI since July 23.
According to a Reuters report, the price surge came as traders feared further supply disruptions from the Middle East following renewed attacks involving the US and Iran.
On Tuesday, the US launched new air strikes on Iranian targets, in a move that threatened to reignite the six-month-old conflict.
US President Donald Trump, on Monday, threatened further strikes against Iran after the first exchange of direct attacks in a month, raising tensions in a conflict that had recently shifted into an economic standoff.
Trump said US air defences had downed all Iranian missiles that could have caused any damage and that new US economic sanctions on Iran were having a big impact.
Iran had launched missiles overnight at two US air bases in Jordan in response to a US attack on Iran’s Larak Island, where Washington said it had struck Iranian launchers firing mines into the Strait of Hormuz.
The impact of the rise in crude price is already being felt in Nigeria, where petrol prices have risen to an average of N1,350 per litre.
