Crude prices rose on early trading on Tuesday as concerns of escalating tensions in the Middle East triggered fears of supply from the region. 

As of 12.00 p.m., India time, Brent crude futures rose by 1.14 percent to $74.74 per barrel. 

Similarly, WTI futures also edged up by 1.31 percent to $71.29 per barrel. 

The rise in oil prices was also driven by news of fresh monetary stimulus from top importer China.

China's central bank, on Monday, announced broad monetary stimulus and property market support measures to revive the country's economy.  

Governor Pan Gongsheng said the central bank would cut banks' reserve requirement ratio by 50 basis points and further reduce key interest rates, aimed at boosting the domestic economy. 

Chevron to Buy Hess

In another major development, the U.S. Federal Trade Commission is set to give green light to oil producer Chevron's purchase of Hess as soon as this week, Reuters reported, citing people familiar with the matter. 

"The proposed merger was first announced last October, and the FTC sent a second information request to Chevron two months later. Uncertainty over the deal's closing has knocked Chevron shares down 1 percent this year compared to a 6.5 percent increase in energy share fund XLE," wrote Reuters in the report. 

BP Evacuating Gulf of Mexico Platforms

Meanwhile, energy giant BP, on Monday, halted its operations in the U.S. Gulf of Mexico platforms, ahead of a potential storm. 

The company has also taken measures to shift their employees to a safe haven before the storm. 

On Monday, UK-based energy firm Shell also announced that it would shut down production at its Stones and Appomattox facilities in the Gulf of Mexico. 

The decision by energy firms follows a warning made by the U.S. National Hurricane Center that a tropical storm could hit some regions close to the Gulf of Mexico.