Oil price rises to approximately $72 amid worries of disruption

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Oil prices rose on Tuesday amid worries that there could be a high risk of disruptions to supply, especially in the Middle East.

Brent crude oil futures were at $71.80 per barrel at 0120 GMT, up 38 cents, or 0.5 per cent from their last close.

U.S. West Texas Intermediate (WTI) crude futures were up 39 cents or 0.6 per cent, at 66.61 dollars a barrel.

Traders said oil markets were receiving general support due to a sense that there were high risks of supply disruptions, including a potentially spreading conflict in the Middle East.

The conflict is renewed by U.S. sanctions against Iran and falling output as a result of political and economic crises in Venezuela.

Oil markets have generally been well-supported this year, with Brent up by around 16 per cent  due to healthy demand which comes as the producer-cartel of the Organisation of the Petroleum Exporting Countries (OPEC) leads supply cuts aimed at tightening the market and propping-up prices.  

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