Oil Prices Rise on Geopolitical Tensions in Eastern Europe, Middle East

Oil prices rose on Tuesday after the United States rejected Russian President Vladimir Putin's proposal for a ceasefire in Ukraine, according to Reuters.

Brent crude futures rose 96 cents to $82.96 a barrel. US West Texas Intermediate (WTI) crude rose $1.18 to $78.10 a barrel.

Oil prices were almost flat in trading on Monday, after rising 6% last week, as conflict in the Middle East led to higher prices.

Recent Oil Prices

WTI CRUDE • 77.74  -0.17%

BRENT CRUDE • 82.77  +0.94%

MURBAN CRUDE • 82.27  +0.82%

NATURAL GAS • 1.674  -0.89%

News of the rejection of the proposed ceasefire, as well as fears of further escalation of the war in the Middle East, continued to raise concerns about future supplies.

American, Egyptian, Israeli and Qatari officials met in Cairo on Tuesday to reach a truce in Gaza, while more than a million civilians gather in Rafah, the southern corner of the Palestinian strip.

The Yemeni Houthis, allied with Iran, also continued their attacks in the Red Sea, claiming solidarity with the Palestinians and striking ships that have trade relations with the United States, Britain, and Israel.

But changing expectations about the path of US interest rates have limited price gains, with recent fed comments dashing market speculation of a rate cut early this year.