US-Iran strikes push oil prices higher amid supply concerns

Oil prices rose by around 1% in early trading as concerns over supply disruptions grew following overnight strikes exchanged between the US and Iran.

According to foreign media, the latest developments have reduced hopes that tensions in the Middle East will ease in the near term.

Brent crude futures rose 87 cents, or 0.92%, to $95.52 a barrel, while US West Texas Intermediate (WTI) crude futures gained 80 cents, or 0.89%, to reach $91.02 a barrel.

The increase marked the biggest gain for Brent since July 24 and for WTI since July 23.

Meanwhile, US President Donald Trump said his country would replenish its strategic petroleum reserves with Venezuelan oil, adding that the process would begin very soon.

In a statement on Aug. 29, Trump said the US had reached what he described as "the largest oil deal in world history" with Venezuela and had secured control over a large portion of the country's more than 65 billion barrels of oil reserves.