Oil Prices Hit $116 amid Supply Risks

Oil  prices rose to $116 a barrel on Tuesday, supported by supply risks from an expected EU oil embargo on Russia and concern from attacks on Saudi oil facilities.

The EU is split between joining the United States in its ban on Russian oil imports or not. Germany says the bloc is too dependent on Russia's oil and gas to take such a move.

Brent crude rose 13 cents, or 0.1%, to $115.75 a barrel. U.S. West Texas Intermediate crude added 11 cents, or 0.1%, to $112.23. Both contracts had settled up more than 7% on Monday.

“Oil was pressured by a stronger U.S. dollar, which gained after comments from U.S. Federal Reserve Chair Jerome Powell on Monday that flagged a more aggressive tightening of monetary policy than previously anticipated,” Reuters said.

“A strong dollar makes crude more expensive for other currency holders and tends to weigh on risk appetite.”