Crude oil futures end sharply higher on Tuesday as rising geopolitical risks raised concerns about possible supply and trade disruptions. The closure of Libya's largest oilfield contributed to the jump in oil prices. The closure of the Sharara oilfield in Libya, which is one of the biggest in the country, has resulted in a shortfall of 300,000 barrels per day. Due to security threats from Houthi militants amid the tensions in the Middle East, several major shipping companies are staying away from the Red Sea route.
Benchmark crude oil futures for February delivery rose by $1.47 or 2.1 percent to settle at $72.24 a barrel on the New York Mercantile Exchange. Brent crude for March delivery surged by $1.47 or 1.9 percent to settle at $77.59 a barrel on London's Intercontinental Exchange.
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