WASHINGTON (dpa-AFX) - Oil prices climbed higher on Tuesday amid possible supply shortage after China decided to reject imports from Iran and Russia.
The National Weather Service's forecast that several states in the U.S. will likely be colder in the next couple of weeks contributed as well to the rise in oil prices.
A stronger dollar limited oil's upside.
West Texas Intermediate Crude oil futures for February closed up $0.69 or about 0.94% at $74.25 a barrel.
Brent crude futures settled at $77.05 a barrel, gaining $0.75 or nearly 1%.
On Monday, Shandong Port Group reportedly issued a notice banning United States-sanctioned oil vessels from its network of ports.
Meanwhile, Saudi Arabia has decided to raise oil prices for Asia in February, hiking prices for the first time in three months.
Investors await some crucial economic data this week, including the December nonfarm payrolls report on Friday, for additional clues on the Fed's rate trajectory.
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