Global crude oil prices have risen by more than three percent following reports of a potential new US attack on Iran ahead of the US midterm elections.

In European markets, the price of Brent crude rose by over 3.5 percent compared to the previous day, reaching $103.80 per barrel.

Similarly, the price of West Texas Intermediate (WTI) crude increased at the same rate, reaching $91 per barrel.

Earlier, citing American officials, the news outlet 'Axios' reported that the Pentagon had instructed CENTCOM in recent days to finalize preparations for launching a major military operation against Iran.

Prior to this, oil prices had remained stable around the $100 mark for several days, driven by reports of increased oil shipments passing through the region's Strait of Hormuz.