WASHINGTON (dpa-AFX) - Oil extended gains on Tuesday amid supply disruption concerns following an escalation of the conflict between Russia and Ukraine.
Investors also awaited cues from upcoming U.S. jobs data and an OPEC+ meeting.
Benchmark Brent crude futures jumped 1.7 percent to $69.33 a barrel in European trading, while WTI crude futures were up nearly 3 percent at $65.87.
WTI contract did not settle on Monday due to the Labour Day holiday in the United States, which signals the end of the summer driving season.
Concerns about supply disruptions grew after recent Ukrainian drone attacks shut down facilities accounting for at least 17 percent of Russia's oil-processing capacity, or 1.1 million barrels per day, according to Reuters' calculations.
As war rages on in Ukraine, U.S. Treasury Secretary Scott Bessent said that all options were on the table regarding sanctions on Russia for its continued war in the country.
The Trump administration has approved the sale of 3,350 Extended Range Attack Munitions (ERAM) missiles to Ukraine, providing a potentially powerful tool to Kyiv as it continues to face a relentless assault by Russia.
Kremlin foreign policy adviser Yuri Ushakov said that there are no concrete plans for a trilateral meeting between the presidents of Russia, Ukraine and the U.S, contradicting Trump's words about what was agreed at the Alaska meeting.
Investors also looked ahead to an upcoming OPEC+ meeting on September 7 for any clues on future production plans.
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