Oil prices rose to their highest level in three weeks on Tuesday as tension in the Middle East and the possibility of further falls in Venezuelan output helped offset the negative impact of growing U.S. crude production.
U.S. West Texas Intermediate (WTI) crude futures ended Tuesday's session up $1.34, or 2.2 percent, to $63.40 a barrel, closing at the highest level in three weeks. The more active May U.S. crude futures rose $1.43 to $63.56 a barrel at 2:20 p.m. ET
Brent crude futures were at $67.41 per barrel, up $1.36, or 2.1 percent, around their highest level since late February.
"Geopolitics has come to the fore in today's trading session, not least because the Saudi crown prince is on an official visit to the U.S. where the issue of Iran is expected to be on the agenda," said Abhishek Kumar, senior energy analyst at Interfax Energy's Global Gas Analytics in London.
Saudi Arabia called the 2015 nuclear deal between Iran and world powers a "flawed agreement" on Monday, on the eve of a meeting between the Saudi crown prince and U.S. President Donald Trump. Both are highly critical of Iran.