Oil rises on escalating tensions in the Middle East

US West Texas Intermediate (WTI) crude futures rose by US$1.09, or 1.56%, to US$70.92 per barrel at 2254 GMT. Brent gained US$1.86, or 2.6%, on Tuesday to settle at US$73.56 a barrel.

TOKYO: US West Texas Intermediate (WTI) crude futures rose by US$1.09, or 1.56%, to US$70.92 per barrel at 2254 GMT on fears of oil supply disruptions in the Middle East after Iran fired ballistic missiles at Israel.

Brent futures will resume trading at 0000 GMT on Wednesday. Brent gained US$1.86, or 2.6%, on Tuesday to settle at US$73.56 a barrel.