Oil prices rose over 1% on Tuesday due to uncertainties over OPEC+’s voluntary output reduction, Middle East tensions, and positive economic signs in Europe.

Brent futures increased 0.8% to $78.66 a barrel, while West Texas Intermediate crude futures rose 0.9% to $73.19.

The Kremlin indicated that OPEC+ reduction will take time to take effect.

The Israel-Hamas war and attacks on commercial vessels in the southern Red Sea raised supply concerns.

European Central Bank board member Isabel Schnabel said the bank can stop raising interest rates after a drop in inflation.