Oil prices gained on Tuesday, with losses in the previous session proving to be a brief respite amid a sustained spike sparked by the U.S.-Israel war on Iran.

Brent - the global benchmark - continued to hover above the key $100 a barrel level as the critical Strait of Hormuz remains effectively shuttered by Tehran.

Brent oil futures rose 3.2% to $103.38 a barrel by 15:14 ET (19:14 GMT), while West Texas Intermediate crude futures rose 3.1% to $95.31 a barrel. 

Gold prices on Tuesday gave up gains to trade largely flat, as the yellow metal continues to trade in a tight range amid the ongoing U.S.-Israel war on Iran. Market participants were looking ahead to a host of central bank meetings this week for commentary on the conflict.  

The U.S. dollar strengthened slightly on Tuesday, as oil prices remained elevated after U.S. allies largely rebuffed Washington’s calls for aid in reopening a crucial waterway south of Iran.

By 06:25 ET (10:25 GMT), the U.S. dollar index, which tracks the greenback against a basket of rival currencies, had ticked up by 0.1% to 99.78. The euro was largely steady against the dollar at $1.1511, while the British pound inched higher marginally to $1.3331.

Bitcoin steadied above $74,000 on Tuesday, losing momentum after briefly climbing close to $76,000, as investors monitored oil price swings tied to the Middle East conflict and awaited key central bank decisions.

The world’s largest cryptocurrency last traded 1% higher at $74,215 by 10:45 ET (14:45 GMT).

Bitcoin had risen to as high as $75,991.2 in the last 24 hours.