Brent crude oil price rose by 2.38 percent to hit $117.54 per barrel on Tuesday while US West Texas Intermediate (WTI) rose by 1.81 percent to $104.74 per barrel.
According to a Reuters report on Tuesday, Brent oil futures are headed for their largest monthly gain in volatile trading.
The publication said this came as investors weighed the chances of US President Donald Trump ending the Iran war against the risk of supply disruptions from a prolonged closure of the Strait of Hormuz.
On Monday, Trump said his preference would be to take the oil in Iran amid the conflict between the Islamic Republic, Israel and the United States.
On the same day, an industrial building and a fuel tanker at an oil refinery in the northern city of Haifa, Israel, was hit by debris from an intercepted missile.
According to Reuters, it was not clear if the missile was fired from Iran or Iran-backed Hezbollah militants in Lebanon, as both were firing at the same time.
Iran also attacked and set ablaze a fully loaded oil tanker off Dubai on Tuesday.
With the conflict escalating, Trump, earlier today, urged countries that are rattled by a fuel disruption over Iran’s de facto blockade of the Strait of Hormuz, should go to the sea passage and just take oil.
Amid the ongoing Middle East conflict, the US national average retail price of petrol crossed $4 a gallon ($1 per litre) for the first time in more than three years on Tuesday.
