Escalation of tensions between Washington and Tehran caused a rapid rise in prices of crude oil.
Donald Trump warned Iran to never threaten the US after Hassan Rouhani, the Iranian leader, cautioned Trump about pursuing hostile policies against Tehran, saying "war with Iran is the mother of all wars".
The conflict escalated following aggressive statements by the Trump administration as well as Trump's decision to withdraw from a 2015 deal over Iran's nuclear program.
Rouhani scoffed at Trump’s threat to prevent exports of Iranian oil, saying that Tehran has a dominant position in the Gulf and the Strait of Hormuz, a major oil shipping waterway. Iran is considered one of the leading oil producers in the Middle East.
Futures for Brent crude rose by 0.9% to $73.75 a barrel. Meanwhile, WTI futures advanced by 0.6% to $68.64 a barrel.
