Oil Rises $1 as Middle East Crisis, Inflation Fight in Focus

A general view shows an oil treatment plant in the Yarakta Oil Field, owned by Irkutsk Oil Company (INK), in Irkutsk Region, Russia, on March 10, 2019. Vasily Fedosenko/Reuters

LONDON—Oil prices rose by more than $1 on Tuesday after sliding in the previous session as markets weighed Middle East tensions against demand worries and rising OPEC supply.

Brent crude futures rose $1.33, or 1.75 percent, to $77.45 a barrel at 1131 GMT, while U.S. West Texas Intermediate crude futures gained $1.29, or 1.82 percent, to $72.06 a barrel.