Global crude prices have risen more than one per cent and were trading near a three-week high hit during the session, as investors worried about escalating tensions in the Middle East after the United Arab Emirates decided to suspend all financial and economic transactions with Iran, Reuters reports.
Brent crude futures were up $1.17, or nearly 1.3pc, at $92.21 at 1741 GMT (10:41pm PKT). US West Texas Intermediate crude futures were $1.51, or 1.8pc higher at $86.45 a barrel.
