Oil prices edged higher on Tuesday after reports of a US strike on Iran’s Qeshm Island revived concerns about an escalation of the conflict and further disruption at the Strait of Hormuz. Brent, the benchmark for two thirds of the world’s oil, was trading 2.03 per cent higher at nearly $107 a barrel at 12.52pm UAE time. West Texas Intermediate, the gauge that tracks US crude, was up 1.75 per cent to 98.15 a barrel.