Crude oil prices increased on concerns over tensions in the Middle East, with both Brent and US contracts recording gains.

London Brent crude rose by $2.48 to $82.22 per barrel. US crude oil contracts for April increased by $1.26 to $72.49 per barrel.

Meanwhile, JP Morgan warned that international oil prices could rise to $120 per barrel due to supply shortages and ongoing political tensions, adding to concerns about global energy costs.