Oil prices rise on renewed US-Iran tensions

Global oil prices edged higher on Tuesday as renewed tensions between the United States and Iran dampened hopes for a swift diplomatic breakthrough, increasing uncertainty in energy markets.

Brent crude futures rose 62 cents, or 0.7 per cent, to $84.39 a barrel, recovering after falling about 7 per cent in the previous session to a three-week low.

US West Texas Intermediate (WTI) crude also gained 61 cents, or 0.7 per cent, to $80.95 a barrel, following a decline of more than 5 per cent in the previous trading session.

Analysts said renewed geopolitical tensions between Washington and Tehran have heightened concerns over global oil supplies, contributing to the latest rebound in crude prices.