New Delhi, March 3 -- Crude oil prices traded about 1% higher in early trade on Tuesday, cooling after Monday's sharp spike as the US signalled steps to mitigate rising domestic energy prices. However, concerns over supply disruptions through the Strait of Hormuz continued to underpin prices.

At 7:13 AM, the April Brent contract on the Intercontinental Exchange was trading at $78.68, up 1.22% from its previous close. The April West Texas Intermediate contract rose 0.84% to $71.83 per barrel on NYMEX.

On Monday, prices had surged over 10% as markets reopened amid escalating conflict in West Asia.

Crude's latest spike, triggered by escalating West Asia tensions and disruptions around the Strait of Hormuz, has reignited fears of a triple-...