Oil prices gained in European trading on Tuesday following sharp gains in the previous session, as Russia-Ukraine tensions remained heated despite U.S.-led efforts to revive peace talks, while investors assessed delayed U.S. inventory data.
As of 04:50 ET (09:50 GMT), Brent Oil Futures expiring in March edged up 0.5% to $61.80 per barrel, while West Texas Intermediate (WTI) crude futures also gained 0.5% to $58.39 per barrel.
Both contracts jumped more than 2% on Monday after U.S.-led attempts to broker progress in talks between Russia and Ukraine appeared to falter.
Russia-Ukraine tension; Trump’s Iran threat in focus
Russian President Vladimir Putin said on Monday that Moscow would revise its negotiating position following what the Kremlin described as Ukrainian drone attacks near one of his residences.
Ukraine has denied targeting Putin, but the comments dampened hopes of near-term de-escalation and raised concerns the conflict could drag on into next year.
Geopolitical anxiety was further amplified by comments from U.S. President Donald Trump, who said on Monday that the U.S. would strike Iran again if it attempted to rebuild its nuclear programme.
Trump’s remarks underscored persistent tensions in the Middle East, a region critical to global oil supplies, and added to concerns about potential disruptions or retaliatory actions involving major producers.
