For the first time in more than six months, oil prices increased as a result of rising tensions between the United States and Iran.

Futures for Brent crude, the global benchmark, gained 2.4% to reach $70.24 per barrel. US oil futures advanced 2.1% to reach $64.36 per barrel.

After Iranian military leader Qasem Soleimani was killed in a US drone strike ordered by President Donald Trump, oil prices rose more than 3% on Friday.

Since the Middle East is home to major oil-producing countries and key energy supply routes, the killing risks escalating tensions further in the region.

While expecting the next development on oil prices, analysts said last week that they expect a limited response that won’t significantly disrupt crude supplies.

CNN