Crude oil futures settled higher on Tuesday amid ongoing concerns about supply due to escalating geopolitical tensions and stuttering U.S.-Iran nuclear talks. France and Germany have called on the U.S. to enact sanctions targeting Russia if Moscow remains unwilling to cease hostilities in Ukraine. Besides, wildfires in Canada's energy heartland of Alberta have shut down almost 350,000 barrels of daily heavy crude production, which is about 7 percent of the country's output.
Benchmark crude oil futures for July surged $0.89 or 1.42% at $63.41 a barrel on the New York Mercantile Exchange. Brent crude for August delivery rose $1 or 1.55% to settle at $65.63 a barrel on London's Intercontinental Exchange.