Brent crude futures rose nearly two per cent in early Asian trade on Tuesday after the US military carried out strikes in southern Iran in what it described as defensive actions, keeping markets on edge as a deal to end the war eludes both sides.
Brent futures climbed US$1.40, or 1.5 per cent, to US$97.56 a barrel as of 0006 GMT, after settling seven per cent lower in the previous session.
US West Texas Intermediate crude fetched US$91.25, up slightly from Monday's last traded price but down US$5.30, or 5.5 per cent from Friday's close. There was no settlement on Monday due to the US Memorial Day holiday.
The US Central Command said it carried out strikes on targets in southern Iran including boats attempting to lay mines and missile launch sites, adding they were designed "to protect our troops from threats posed by Iranian forces."
Iranian media had reported on Monday that explosions were heard in Iran's Bandar Abbas and nearby coastal areas along the Strait of Hormuz.
Tehran has effectively halted nearly all non-Iranian shipping into and out of the Gulf since the war began, choking off about a fifth of global oil and gas flows and driving prices up by 50 per cent or more.
Source : nst.com