Crude oil prices rise 1% to $78.96 a barrel on flaring West Asia tensions

Oil prices rose by around 1% on Tuesday, as investors weighed the impact of tensions in the Middle East.

Brent crude futures gained 81 cents, or about 1.04%, to $78.96 a barrel at 1333 GMT. The contract had lost 14 cents on Monday.

U.S. West Texas Intermediate crude was up 41 cents, or 0.56%, from Friday at $73.09 a barrel. U.S. markets were closed for a public holiday on Monday.

An escalating conflict in the Middle East, and consequently increased volatility in oil futures, focused attention on Tuesday.