Crude oil futures ended higher on Tuesday amid concerns about supply due to the ongoing tensions in the Middle East, where Houthi militants continue to attack commercial vessels in the Red Sea. A drop in Russian crude oil exports also contributed to the increase in oil prices. However, data showing consumer price inflation in the U.S. rose by more than expected in the month of January has dashed hopes of an early rate cut by the Federal Reserve and lifted the dollar higher. The dollar's rise capped oil's advance.
Benchmark crude oil futures for March delivery rose $0.95 or about 1.25% to settle at $77.87 a barrel on the New York Mercantile Exchange. Brent crude for April delivery surged $0.77 or about 0.94% to $82.77 per barrel on London's Intercontinental Exchange.