Doha: Oil prices rose in early trading Tuesday on supply concerns. Brent futures rose $1.06, or 1.1%, to $101 a barrel, while US West Texas Intermediate (WTI) climbed $1.50, or 1.8%, to $89.71.

According to Qatar News Agency, the military escalation in the Middle East has brought traffic through the Strait of Hormuz, which carries approximately 20% of the world's oil and liquefied natural gas supplies, to a near standstill.