Brent crude oil prices posted strong gains in trading on June 3 amid growing geopolitical tensions in the Middle East.

According to Investing data, the price of Brent crude reached $98 per barrel by 7:50 PM BST, marking a 2.06% increase compared with the previous session's close, The Caspian Post reprts.

During the trading session, prices climbed to nearly $99 per barrel.

The surge in oil prices came alongside a fresh escalation in the Middle East. Iran resumed missile attacks on Kuwait and Bahrain, while US forces carried out strikes on Iran’s Qeshm Island. At the same time, negotiations between Washington and Tehran are once again at risk of breaking down.

Investors are increasingly concerned about the prospect of a prolonged conflict and an extended blockade of the Strait of Hormuz, a critical shipping route through which around one-fifth of global oil and gas supplies moved before the current crisis.