Global oil prices rose again on Tuesday as growing tensions involving Iran and uncertainty surrounding a possible peace agreement increased fears of supply disruptions in international energy markets.

According to foreign media reports, Brent crude oil gained nearly 2 percent during Asian trading and reached $98.12 per barrel. The increase came a day after Brent prices had dropped around 7 percent and closed near $96 per barrel.

Meanwhile, US West Texas Intermediate (WTI) crude was seen trading at $91.79 per barrel after falling nearly 5 percent in the previous session to around $91 per barrel.

Energy experts said the fresh volatility in oil markets was linked to reports of alleged US military defensive operations in southern Iran and rising tensions around the Strait of Hormuz, one of the world’s most important oil and gas shipping routes.

Reports suggested that Iran has significantly restricted the movement of foreign vessels through the Strait of Hormuz since the conflict began, raising concerns over global energy supplies. The route handles a major portion of the world’s crude oil exports, making any disruption a serious risk for international markets.

At the same time, diplomatic talks between the United States and Iran are continuing in Qatar in an effort to reach a peace agreement. However, both sides have yet to achieve full consensus on the final terms.

US Secretary of State Marco Rubio said it could take several more days to finalize the language and conditions of the agreement, adding to uncertainty among investors.

Analysts warned that oil prices could rise further if regional tensions continue, while any breakthrough in negotiations may help stabilize the market.