Oil prices rise as Middle East tensions fuel supply concerns

Oil prices climbed in morning trading as investors weighed escalating tensions in the Middle East and the potential impact on global energy supplies, Report informs.

September Brent crude futures rose 0.97% to $78.78 a barrel on the ICE Futures exchange in London. August West Texas Intermediate (WTI) crude futures gained 0.97% to $74.23 a barrel in electronic trading on the New York Mercantile Exchange (NYMEX).

The gains came after the US military confirmed it had carried out strikes on Iran for a second consecutive day, heightening concerns over regional stability. Washington said the operations were aimed at reducing Iran's ability to threaten shipping through the Strait of Hormuz.

Iran has vowed a broad retaliatory campaign targeting US military bases in the region.