Oil prices rose to their highest in seven weeks on Wednesday as U.S. President Donald Trump said a deal had been done with China, heightening expectations of a de-escalation in trade tensions between the world's two largest economies.

The military strikes jolted investors, raising concerns that a broader Mideast conflict would disrupt the world’s energy supplies.

Nigeria’s naira rose for a seventh day to a two-month high against the dollar on Tuesday amid higher oil prices and as investor concerns over US trade tariffs eased.

Oil prices rose to a seven-week high on Wednesday as markets assessed the outcome of U.S.-China trade negotiations, while pessimism over U.S.-Iran nuclear talks also provided support. Brent crude futures were up 82 cents,

Australian motorists are being urged not to panic after the price of crude oil rose in recent days on the back of the geopolitical tensions in the Middle East.

US oil production is poised to rise this year and next as President Donald Trump pushes for more drilling. But as crude prices tumble, most of the growth will come from a surprising source: the Gulf of Mexico.

The military strikes jolted investors, raising concerns that a broader Mideast conflict would disrupt the world’s energy supplies.

The dollar rallied on Friday, as investors rushed back into the currency in their search for safe-haven assets, including gold, after Israel launched widescale strikes against Iran, sparking Iranian retaliation.