Oil rose by over 1% on Wednesday. Brent futures extended their gains after a record monthly rise in March, with Middle East volatility keeping markets on edge despite reports that the US-Israeli war against Iran could soon end.

The front-month Brent contract for June climbed $1.40, or 1.4%, to $105.37 a barrel at 04:30 GMT.

Brent recorded a record monthly gain of 64% in March, according to LSEG data going back to June 1988.

Meanwhile, U.S. West Texas Intermediate (WTI) crude futures for May rose $1.59, or 1.6%, to $102.97 a barrel.

Prices recovered some of their losses from Tuesday, when Brent futures for June delivery closed down more than $3 following unconfirmed media reports that the Iranian president was ready to end the war.