London: Oil prices rose more than 1% on Wednesday, as Brent futures extended their gains following a record monthly rise in March. The volatility in the Middle East has continued to keep markets on edge, despite reports suggesting that the US-Israeli conflict with Iran might be nearing its conclusion.

According to Qatar News Agency, the front-month Brent contract for June increased by $1.40, or 1.4%, reaching $105.37 per barrel. This follows Brent's record monthly gain of 64% in March, based on data from the London Stock Exchange (LSEG) that traces back to June 1988. Concurrently, US West Texas Intermediate (WTI) crude futures for May rose by $1.59, or 1.6%, to $102.97 per barrel.

The recent price increase helped recover some of the losses from Tuesday, when Brent futures for June delivery settled down by more than $3. This recovery comes amid new data from the US Energy Information Administration (EIA), which revealed that US crude oil production saw its largest decline in two years this January. The decrease in production was primarily due to a severe winter storm that disrupted operations across significant parts of the United States.