• IPE Brent crude futures in London surged higher extending the gains from Monday as concerns persisted about US media reports citing the White House plans for the possible use of military force against Iran. • Unplanned US refinery outages and the ongoing shut in of Nigerian barrels were also providing a bullish impetus.

• Fund activity was providing a a major influence with the non-commercials or hedge funds positioning themselves onto the long side of the market across the complex. According to the latest Committment of Traders Report from Monday, the non-commercials were holding net long positions in crude oil, gasoline and heating oil. Brokers said that funds could be seeking to lock in profits if oil prices pushed above $70/bbl, however it could be unlikely given the long holiday weekend.