Brent crude, which climbed to its highest level in about seven months on Monday, continued to trade above $70 per barrel in the new session.
International benchmark Brent crude traded at $71.51 per barrel at 9.43 a.m. local time (0643 GMT), up 0.3% from the previous close of $71.26.
US benchmark West Texas Intermediate (WTI) increased 0.4% to $66.66 per barrel, compared with $66.40 in the previous session.
The increase in prices were driven by geopolitical risks in the Middle East, cautious expectations surrounding nuclear negotiations between the US and Iran, and lingering uncertainty over US trade policy.
Third round of indirect nuclear talks between US and Iran, mediated by Oman, is expected to be held on Feb. 26 in Geneva, Switzerland. Markets remain concerned that tensions between Washington and Tehran could escalate at any moment.
US President Donald Trump said in a post on his social media account that it would be "a very bad day" for Iran if no deal is reached. A US State Department official, speaking to Associated Press (AP), said "non-essential diplomats and family members" had been asked to leave Lebanon due to rising tensions with Iran.
Iran has once again denied seeking nuclear weapons. Speaking at the Disarmament Conference held at the United Nations Office in Geneva, Deputy Foreign Minister Kazem Gharibabadi said allegations that Tehran is advancing its nuclear program for military purposes do not reflect reality.
Meanwhile, Trump renewed his tariff threats against trading partners in a post on Truth Social, warning that countries attempting to "play games" with a recent decision by the US Supreme Court on tariffs could face significantly higher duties than previously agreed.
On Feb. 20, the Supreme Court ruled that the International Emergency Economic Powers Act, cited by Trump as the legal basis for his tariffs, does not grant the president authority to impose such measures. The same day, Trump signed a decision under Section 122 of the 1974 Trade Act to introduce a 10% global tariff on all countries and later announced it would be raised to 15% on Feb. 21.
Analysts say these developments regarding tariffs have increased uncertainty over the global growth outlook, reinforcing concerns about future oil demand.
By Humeyra Ayaz
Anadolu Agency
energy@aa.com.tr