Oil Prices Rise on Uncertainty Over OPEC+ Cuts and Middle East Tensions

An aerial view shows tugboats helping a crude oil tanker to berth at an oil terminal, off Waidiao Island in Zhoushan, Zhejiang Province, China, on July 18, 2022. CNS photo via Reuters

LONDON—Oil prices jumped by nearly 1 percent on Tuesday, lifted by uncertainty over voluntary output cuts by the OPEC+ group of producers, tensions in the Middle East, and some encouraging economic signals in Europe.

Brent crude futures rose 63 cents, or 0.8 percent, to $78.66 a barrel by 0946 GMT. U.S. West Texas Intermediate crude futures were up 66 cents, or 0.9 percent, at $73.19.