Oil prices were at a nearly five-month high on Tuesday on the prospect that more sanctions against Iran could deepen a supply cut as market jitters over slow demand were allayed.

According to Reuters, Brent crude rose 15 cents to $69.16 per barrel, touching $69.50, the highest since mid-November.

U.S. West Texas Intermediate (WTI) futures edged up 14 cents to $61.73 a barrel after earlier rising above $62 for the first time since early November, it said.

Positive data from the world's biggest economies, the United States and China bolstered prices. The data showed that China's manufacturing sector unexpectedly returned to growth for the first time in four months during March.

Most stock markets in Asia also gained as the stronger manufacturing numbers boosted confidence among investors.