West Texas Intermediate crude for November delivery rose $1.66, or 2.4%, to settle at $69.83 a barrel on the New York Mercantile Exchange, after trading as high as $71.94.
December Brent crude, the global benchmark, climbed $1.86, or 2.6%, to settle at $73.56 a barrel on ICE Futures Europe. Brent as well as WTI settled at their highest since Sept. 24, according to Dow Jones Market Data.
Still, prices finished the session below the day’s best levels as traders continued to monitor developments.
An important consideration will be “whether Saudi Arabia increases production if Iranian supplies were disrupted,” James Reilly, senior markets economist at Capital Economics, wrote in a note Tuesday. Saudi Arabia, along with other members of OPEC+, are scheduled to hold a committee meeting Wednesday to review developments in the oil market.