MUSCAT : Global crude benchmarks edged higher on Tuesday with Brent crude futures up 28 cents, or 0.4 percent, to $64.15 a barrel and U.S. West Texas Intermediate (WTI) rising 28 cents, or 0.5 percent, to $59.78, the latter reaching its highest level since early December.

Traders pointed to growing geopolitical risk surrounding Iran as the major factor behind the gains. Ongoing anti-government protests in the country, now among the largest in years, have stoked fears that supplies could be disrupted or restricted, lifting crude prices closer to multi-week highs.

The U.S. president intensified market jitters by announcing that any country doing business with Iran will face a 25 percent tariff on all trade with the United States, a move that analysts say could further complicate global oil flows and heighten the risk premium built into prices.

Barclays Bank analysts noted that turmoil in Iran has effectively added about $3–$4 per barrel in geopolitical risk premium, underscoring how political developments are feeding directly into commodity markets.

At the same time, markets are watching the potential return of crude supplies from Venezuela. Following the ouster of President Nicolás Maduro, U.S. officials have indicated Caracas could deliver up to 50 million barrels of oil, once Western sanctions are addressed, to the United States, a development that would ease some supply concerns if realised.