Brent crude futures rose 1.2% to 87.5 USD a barrel while US West Texas Intermediate (WTI) crude futures jumped 1.6% to 85.18 USD a barrel. Trade on Monday was subdued as it was a US public holiday. Both benchmarks touched their highest levels since October 2014 on Tuesday.

Also adding to geopolitical price premiums are rising tensions between OPEC+ member Russia and Ukraine.

Some producers within the Organization of the Petroleum Exporting Countries (OPEC) are struggling to pump at their allowed capacities, due to underinvestment and outages, under an agreement with Russia and allies to add 400,000 barrels per day each month.