Oil rises

Tokyo: Oil prices rose on Tuesday on escalating concerns over potential supply shortages, with Brent crude leading the way as hundreds of oil workers in Norway were set to strike later in the day.

Brent crude added 55 cents, or 0.7 percent, to $78.62 per barrel by 0638 GMT, following a 1.2-percent climb on Monday.

U.S. light crude futures were up 47 cents, or 0.7 percent, at $74.32.Hundreds of workers on Norwegian oil and gas offshore rigs are due to strike on Tuesday after rejecting a proposed wage deal, a move which will likely affect the production of at least one field, Shell´s Knarr. That potentially adds to disruptions in other oil producers amid tensions in the Middle East.

The United States says it wants to reduce oil exports from Iran, the world´s fifth-biggest producer, to zero by November, which would oblige other big producers to pump more.