Muscat: Oil prices rose more than 1% today, with Brent crude extending gains after a record monthly rise in March, as Middle East volatility kept markets jittery despite reports that the US-Israeli war on Iran may be nearing an end.

According to Oman News Agency, the front-month Brent contract for June climbed $1.40, or 1.4%, to $105.37 per barrel. Brent logged a record monthly gain of 64% in March, based on data from the London Stock Exchange dating back to June 1988.

Meanwhile, US West Texas Intermediate (WTI) crude futures for May rose $1.59, or 1.6%, to $102.97 per barrel. Prices recovered some of their losses from Tuesday, when Brent futures for June delivery settled down more than $3.

Furthermore, data released yesterday by the US Energy Information Administration showed that US crude oil production recorded its biggest drop in two years in January following a severe winter storm that halted production in large parts of the US.