Oil prices rise on Middle East supply concerns

Oil prices are rising on Tuesday as heightened worries over energy supply mount following diminished prospects for a Middle East ceasefire extension.

Brent crude futures gained 27 cents, or 0.3 percent, to reach $91.14 a barrel as of 00:03 GMT, after climbing to their highest point since late July during the previous session.

US West Texas Intermediate (WTI) crude went up 42 cents to trade at $85.04 a barrel after surging past 1 percent earlier in the session to hit $85.37.

 A vessel in the Strait of Hormuz has reported being struck by a projectile, the UK’s Maritime Trade Operations agency (UKMTO) says.

“The Company Security Officer has reported that the vessel was struck by an unknown projectile while conducting an outbound transit of the Strait of Hormuz,” it said.