Doha: Oil prices continued to rise on Tuesday, driven by rapidly unfolding developments between Iran and Israel. Brent crude futures increased by about 1.56 USD, or 2.1%, reaching 74.79 USD per barrel. Meanwhile, US West Texas Intermediate (WTI) crude rose by 1.42 USD, or 2%, to 73.19 USD per barrel.

According to Qatar News Agency, earlier today, the International Energy Agency (IEA) announced a downward revision of its global oil demand growth forecast for this year, lowering it to 720,000 barrels per day compared to its previous estimate of 740,000 barrels per day.