Brent crude, the global benchmark for oil prices, climbed by 5.38 per cent to $95.36 per barrel on Tuesday.
US West Texas Intermediate (WTI) also rose by 5.95 per cent to $90.86 a barrel.
The closing prices represented the highest levels recorded for Brent since July 24 and WTI since July 23.
According to a Reuters report, the increase came amid concerns among traders about possible further disruptions to oil supplies from the Middle East following renewed attacks involving the United States and Iran.
On Tuesday, the US launched fresh air strikes on Iranian targets, raising concerns that the six-month-old conflict could escalate again.
US President Donald Trump had on Monday threatened additional strikes against Iran following the first exchange of direct attacks between the two countries in a month, further heightening tensions in a conflict that had recently shifted towards an economic standoff.
Trump said US air defences had intercepted all Iranian missiles capable of causing damage, while claiming that newly imposed US economic sanctions on Iran were having a significant impact.
Iran had launched missiles overnight at two US air bases in Jordan in retaliation for a US attack on Iran’s Larak Island, where Washington said it had targeted Iranian launchers that were firing mines into the Strait of Hormuz.
In Nigeria, the rise in international crude oil prices has also affected the downstream sector, with petrol prices increasing to above N1,300 per litre.