Oil prices rebound as growing political tensions fuel supply fears | Reuters

Oil prices rebound as growing political tensions fuel supply fears | Reuters

Oil prices bounced back on Tuesday, recovering some of the previous day's losses, as growing tension in Eastern Europe and the Middle East fuelled concerns over possible supply disruptions in an already tight market.

Brent crude futures rose $1.21, or 1.5%, to $87.52 a barrel at 0946 GMT, reversing a 1.8% fall in the previous session. U.S. West Texas Intermediate (WTI) crude futures climbed $1.11, or 1.3%, to $85.42 a barrel, having slid 2.2% on Monday.

World equities, which often move in tandem with oil, are set for their biggest monthly drop since the pandemic hit markets in March 2020.

Meanwhile, both WTI and Brent, fresh from hitting seven-year highs last week, are heading for monthly gains of over 12%.