Crude oil futures ended higher on Tuesday on account of lingering concerns about global supplies. The market has been supported by supply anxiety after sanctions on oil shipments from Russia, the world’s second-largest oil exporter, and worries Russian output could fall due to sanctions on equipment needed for production. Meanwhile, US President Joe Biden said on Monday a decision on whether to pause a federal gasoline tax could come this week. The United States is also in talks with Canada and other allies to further restrict Moscow’s energy revenue by imposing a price cap on Russian oil.
Benchmark crude oil futures for August delivery surged $1.53 or 1.4 percent to settle at $109.52 a barrel on the New York Mercantile Exchange. Brent crude for August delivery rose $0.52 or 0.5 percent to settle at $114.65 a barrel on London's Intercontinental Exchange.