Oil prices rose on Tuesday morning, as investors continue to assess the situation in the Middle East, Report informs referring to trading data.
May Brent crude futures rose $2.53 (2.52%) to $102.74 per barrel on the London ICE Futures Exchange.
April WTI futures rose $2.02 (2.16%) to $95.52 per barrel in electronic trading on the New York Mercantile Exchange (NYMEX).
Several tankers transited the Strait of Hormuz over the weekend, raising hopes for its imminent opening. The closure of the Strait of Hormuz forced the UAE, OPEC's third-largest producer, to cut oil production by more than half.