Crude oil futures ended sharply higher on Tuesday on weaker dollar. Further, crude oil prices rose on concerns about a possible drop in crude supplies owing to U.S. sanctions on Russian oil, and lower output from Iran. The U.S. Secretary slapped sanctions on Iran, targeting individuals and tankers involved in transporting several millions of barrels of Iranian crude every year to China. Meanwhile, Palestinians in Gaza fear a return to war after U.S. President Donald Trump told Hamas to free all Israeli captives by noon Saturday or he would propose cancelling the Israel-Hamas ceasefire and letting all hell break loose.
Benchmark crude oil futures for March rose $1.00 or 1.4 percent to settle at $73.32 a barrel on the New York Mercantile Exchange. Brent crude for April delivery surged $1.13 or 1.49 percent to settle at $77 a barrel on London's Intercontinental Exchange.