Ammon News - Oil prices climbed on Tuesday on concerns the Iran-Israel conflict may intensify, raising the risk of further unrest and the potential disruption of oil supply from the key Middle East producing region.

Brent crude futures rose 34 cents, or 0.5%, to $73.57 a barrel as of 0340 GMT. U.S. West Texas Intermediate crude was up 29 cents, or 0.4%, at $72.06. Both contracts rose more than 2% earlier in the trading session.

Oil prices settled more than 1% lower on Monday on hopes that the conflict would ease after media reports Iran was seeking an end to hostilities.

However, concerns have escalated after U.S. President Donald Trump in a social media post urged "everyone" to evacuate the Iranian capital of Tehran.

Iran is the third-largest producer among members of the Organization of the Petroleum Exporting Countries. The concern is the fighting could disrupt its oil supply and raise prices. Reuters