After United States shot an Iranian drone and only armed Iranian boats approached a U.S.-flagged ship in the Strait In Hormuz, oil prices continued to rise on Wednesday.

The price of Brent crude oil was up 56% cents, or 0.8%, to $67.89 per barrel at 04:00 GMT.

The American Crude Oil Price West Texas Intermediate increased by 63 cents, or 1.0%, to $63.84 the barrel.

Both benchmarks rose sharply by 2% on Tuesday, with investors closely following the evolution of the situation between the United States and Iran.

Tuesday, oil prices were also supported by a trade agreement between the United States and India, which raised hopes for greater global energy demand, while the continuation of Russian attacks against Ukraine has fuelled the fears that Moscow oil will remain under sanctions longer.