Crude prices increased over 1% on Tuesday as investors digested Saudi Arabia Energy Minister Khalid al-Falih's statement that two pumping stations on the Aramco oil pipeline in the country came "under terrorist attack" by drones carrying bombs. Continuous OPEC+ output cuts and ongoing sanctions against Iran and Venezuela also provided support for the rising oil values.
Meanwhile, market watchers continued to follow the trade developments amid increased tensions between Washington and Beijing after stock markets plummeted following China's announcement that it will raise tariffs on $60 billion of US goods to 25% from June 1 in response to Washington's recent increase.
West Texas Intermediate for June delivery gained 1.10%, changing hands for $61.77 per barrel at 7:12 am ET while the international benchmark Brent for settlements in July jumped 1.57% to go for $71.31 per barrel at 7:13 am ET.