Reuters reports that On Tuesday, oil prices rose, reclaiming some of the ground lost in the previous day’s severe losses, as investors worried about potential supply interruptions in the face of escalating geopolitical tensions in both Eastern Europe and the Middle East.
Brent oil futures were up 48 cents, or 0.6 percent, to $86.75 a barrel at 0116 GMT, reversing a 1.8 percent drop the previous session.
West Texas Intermediate (WTI) oil futures in the United States rose 34 cents, or 0.4 percent, to $83.65 a barrel after falling 2.2 percent on Monday.
Last week, oil prices reached seven-year highs, boosted by constrained global supply and rebounding global demand.
“The market tone remains firm, driven by rising geopolitical risk,” said Sunward Trading’s head analyst, Chiyoki Chen.
“We witnessed profit-taking on Monday when prices rose and Wall Street briefly fell over fears about the United States Federal Reserve’s plans to decrease economic stimulus, but purchasing enthusiasm for oil remained strong,” he added.
Stocks ended higher on Wall Street after registering hefty losses earlier in the day, as anxiety over escalating global tensions and Fed policies supported safe-havens.
NATO announced on Monday that it was placing soldiers on alert and strengthening eastern Europe with extra ships and fighter planes, in reaction to what Russia called Western “hysteria” over its army buildup on Ukraine’s border.
According to US and Emirati officials, Yemen’s Houthi movement, which is associated with Iran, launched a missile strike on the United Arab Emirates on Monday, targeting a US military station, but was intercepted by US-built Patriot interceptors.
Meanwhile, lower US oil stocks are also helping, with crude inventories at the NYMEX WTI delivery point in Cushing, Oklahoma, being the lowest for this time of year since 2012.
Portfolio investors upped their bullish wagers on oil for the sixth week in a row, as the worst of the last wave of coronavirus outbreaks passed and governments lifted restrictions on business and travel.
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