Oil prices continued to increase with growing fears that Israel would target Iranian oil facilities in retaliation for Iran’s recent missile attack, Anadolu reports.

International benchmark Brent crude rose by 0.53 per cent to $78.03 per barrel at 10:25 am local time (0725 GMT), up from the previous session’s close of $77.62.

US benchmark West Texas Intermediate (WTI) increased by 0.52pc to $74.09 per barrel after closing at $73.71 in the prior session.

Oil markets are pricing in a geopolitical risk premium as tensions in the Middle East escalate.