New Delhi, May 12 -- Global oil prices traded higher on Tuesday morning as supply worries persisted amid a fragile US-Iran ceasefire and concerns of renewed hostilities in West Asia.

US president Donald Trump on Monday told reporters that the ceasefire is on "massive life support" and is "unbelievably weak". Following his comments, Iranian parliamentary speaker Mohammad Ghalibaf said Iran's armed forces were ready to respond to any aggression.

In a tweet in Persian on Monday evening, Ghalibaf said:

"Our armed forces are ready to deliver a harsh and instructive response to any aggression; misguided strategies and erroneous decisions will always yield erroneous outcomes, and the entire world has already grasped this truth. We are prepare...