Oil prices climbed on Tuesday as fears of escalating conflict between Russia and Ukraine threatened supply, while speculation grew that OPEC+ will not raise output at its September 7 meeting. Brent crude rose 1.7% to $69.28 a barrel after earlier topping 2%. U.S. West Texas Intermediate gained nearly 2.8% to $65.79, according to Reuters. Analysts expect OPEC+ to maintain voluntary cuts from members, including Saudi Arabia and Russia, supporting prices in the $60 range. Ukrainian drone strikes have disrupted facilities processing 1.1 million barrels per day, or 17% of Russia’s capacity. Investors also await U.S. labor and crude inventory data, which could influence Federal Reserve policy and market direction.
