Oil prices rose about 2% on Tuesday to their highest in two weeks, as persistent geopolitical tensions between Russia and Ukraine and the U.S. and Iran appeared likely to keep sanctions on Russia and Iran in place longer.
Brent crude futures rose $1.11, or 1.7%, to settle at $65.74 a barrel by 11:21 a.m. EDT (1521 GMT), while U.S. West Texas Intermediate (WTI) crude rose $1.17, or 1.9%, to settle at $63.69.
That put Brent on track for its highest close since May 14 and WTI on track for its highest close since May 13.
"The risk premium has returned to oil prices after Ukraine's deep assault on Russia over the weekend," said analyst Harry Tchilinguirian of Onyx Capital Group. Russia says efforts to reach a settlement to end the war in Ukraine are very complicated and it would be wrong to expect an immediate decision, but it is waiting for Ukraine's reaction to its proposal.
Russia is a member of the OPEC+ group of nations and is the world's second-largest crude oil producer in 2024 after the US, according to US energy data.
OPEC+ includes the Organization of the Petroleum Exporting Countries and allies such as Russia.
"More importantly for barrels, there is a back and forth between the US and Iran over uranium enrichment," said Onyx Capital's Tchilinguirian.
Iran is set to reject a US nuclear deal proposal that would be key to easing sanctions on major oil producers.
Iran is OPEC's third-largest crude oil producer after Saudi Arabia and Iraq in 2024, according to US energy data.
In Canada, wildfires burning in Alberta have affected more than 344,000 barrels per day of oil sands production, or about 7% of the country's total crude output, according to Reuters calculations. (alg)
Source: Reuters
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