US crude futures rose to $67.28 a barrel on Monday, while Brent crude touched its highest level since 31 July at $72.50 a barrel. Prices fell back late in the session, but were up again on Tuesday morning, approaching Monday’s highs.

James Hosie, a research analyst at Shore Capital, said oil markets were “rationally trying to price in a risk premium for oil prices, given the disruption a conflict could have on global supplies”.

DID