Brent crude oil futures held near $71 per barrel on Tuesday, following two sessions of gains, as concerns over a global oversupply offset gains from rising tensions in the Middle East. Fears of a global trade war weighed on demand, while OPEC and its allies are set to raise output in April, adding to an expected supply surplus.
Meanwhile, President Trump planned talks with Putin to discuss ending the war in Ukraine.
On the other hand, Israel resumed military strikes in Gaza, and the US increased pressure on Iran.
Trump warned Tehran it would be held responsible for any Houthi attacks, further intensifying tensions.