Rising for fourth consecutive session, Crude oil futures ended higher on Tuesday amid increasing geopolitical risk-premium due to escalating tensions between the U.S. and Iran, which have raised output-and-supply related concerns. U.S. President Donald Trump, who had earlier warned Iran not to unleash violence against demonstrators, is reportedly planning to intervene militarily. In addition, Trump threatened nations doing business with Iran of 25% tariffs on their imports to the U.S.
Benchmark crude oil futures for February delivery rose $1.65 or 2.77% to settle at $61.15 a barrel on the New York Mercantile Exchange. Brent crude for March delivery increased $1.6 or 2.51% to settle at $65.47 a barrel on London's Intercontinental Exchange.
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