Oil prices climb, Brent crude reaches $106.93 per barrel

Oil prices rose on Tuesday. Brent crude futures increased by $1.24, or 1.18 percent, to $106.93 per barrel after earlier rising by 1 percent.

According to Reuters, US West Texas Intermediate crude futures climbed $1.29, or 1.24 percent, to $102.65 per barrel, after gaining 1.3 percent in the previous session.

The number of cargo ships passing through the Strait of Hormuz fell to fewer than 10 trips per day at the start of the week, down from an average of 14 over the previous 10 days. This decline has raised concerns about the route, which previously carried around one-fifth of global oil supplies before the start of the US-Israeli war on Iran.