Crude oil futures ended sharply higher on Tuesday, magnifying their recent gains, as Saudi Arabia and the United Arab Emirates looked unlikely to be able to boost output significantly. UAE Energy Minister Suhail al-Mazrouei said on Monday that the UAE was producing near maximum capacity based on its quota of 3.168 million barrels per day (bpd) under the agreement with OPEC and its allies, a group known as OPEC+. Meanwhile, Leaders of the G7 group of wealthy nations said they will explore a potential ban on transporting Russian oil that has been sold above a certain price as they seek to step up pressure on Moscow over its invasion of Ukraine.
Benchmark crude oil futures for August delivery rose $2.19 or 2 percent to settle at $111.76 a barrel on the New York Mercantile Exchange. Brent crude for August delivery surged $2.89 or 2.5 percent to settle at $117.98 a barrel on London's Intercontinental Exchange.