Due to the ongoing tension between the US and Iran, crude oil prices increased in the global market, with Brent crude oil prices nearing the highest level of the week.

Brent crude futures rose 15 cents, or 0.2 percent, to settle at $95.67 a barrel, according to Reuters.

The price of US crude oil WTI also increased by 26 cents, or 0.3%, to 91.56 dollars per barrel.

Tensions between the US and Iran have raised fears of threats to oil supplies from the Middle East, leading to a rise in global oil prices.

Over the past 1 week, the price of Brent crude oil has increased by 7.1% and the price of WTI has increased by 9.8%, which is being described as the biggest weekly increase in crude oil prices since July 20.