New york: Oil prices rose more than 2 percent on Tuesday, reaching their highest levels in more than a week, as the United States and Iran struggled to reach an agreement to end the conflict and reopen the Strait of Hormuz.

According to Qatar News Agency, the increase came after US President Donald Trump demanded compensation for damages suffered by the United States during the war. Brent crude futures climbed 2.19 percent, or $1.92, to $89.64 a barrel, while US West Texas Intermediate (WTI) crude futures gained 2.33 percent, or $1.91, to $84.04 a barrel.

Both benchmarks extended gains of more than 5 percent recorded on Monday, reflecting ongoing volatility in the oil markets amid geopolitical tensions.