WTI Crude Oil : rose more than 2% to above $114 per barrel on Tuesday, extending a relentless rally for a fourth straight session amid growing support for a European Union-wide ban on the purchase of Russian oil.
European foreign ministers are debating whether to join the US in sanctioning Russian oil, with some countries including Germany arguing that the bloc is too dependent on Russian energy.
Oil prices were also pushed higher by reports that Houthi rebels launched multiple attacks at several Saudi Aramco sites, causing a temporary decline in refinery output.
The move followed a 7% jump on Monday as the potential for more supply disruptions weighed on the markets.
Elsewhere, investors continued to monitor the Russia-Ukraine war as ongoing peace talks failed to make progress, as well as an omicron subvariant that is spreading rapidly across Europe.