Oil prices rise 1pc

Oil prices rose more than 1 percent on Tuesday, as renewed Iranian attacks on the United Arab Emirates heightened concerns about the worsening outlook for global supply if there is no quick resolution to US-Israeli war on Iran, now in its third week. Brent crude futures gained USD1.33, or 1.3 percent, to USD101.53 a barrel by 1515 GMT while US West Texas Intermediate (WTI) crude advanced USD1.21, or 1.3 percent, to USD94.71. The US-Israeli war on Iran shows no signs of abating. While oil futures have not repeated the brief surge to nearly USD120 a barrel from earlier in the month, the series of attacks on oil installations by Iran and the ongoing disruption to shipping through the Strait of Hormuz - a vital gateway for about 20 percent of the world’s oil and liquefied natural gas trade - has traders girding for long-term impairment to supply that could keep prices elevated for an extended period.