International benchmark Brent crude oil traded at $79.06 per barrel at 1223GMT on Tuesday while American benchmark West Texas Intermediate (WTI) hit $71.61.
The price of Brent oil was around $78.25 at 0726GMT while WTI was trading at $70.89 per barrel on Tuesday morning.
The increase is largely driven by possible supply concerns in the Middle East amid the relocation of the U.S. Embassy from Tel Aviv to Jerusalem, which sparked huge protests in the region.
On Monday, U.S. Ambassador to Israel David Friedman officially announced the relocation of Washington’s Israel embassy to West Jerusalem’s Arnona district.
During the relocation ceremony, 58 Palestinian demonstrators were martyred on Monday and hundreds more injured by Israeli armed forces deployed along the Gaza border, according to the Palestinian Health Ministry.
Also the Venezuelan oil production declined by 41.70 thousand barrels per day, according to OPEC's latest report.
By Gulsen Cagatay
Anadolu Agency
energy@aa.com.tr