Oil prices edged up on Tuesday, extending the previous day's rally driven by a halt in production at Norway's Johan Sverdrup oilfield, though investors remained cautious amid fears of an escalation in the Russia-Ukraine war.

Oil futures climbed more than 3% on Monday to settle at their highest in more than a week, after a weekend decision by President Joe Biden to allow Ukraine to use U.S.-supplied long-range missiles to strike deeper inside Russia,

Crude futures press higher as the market considers risks of escalation in the Ukraine-Russia conflict after Biden approved Ukraine's use of U.S.-supplied long-range missiles that could strike deeper into Russia.

Oil prices edged up on Monday after fighting between Russia and Ukraine intensified over the weekend, although concerns about fuel demand in China and forecasts of a global oil surplus weighed on markets.

The U.S. will allow Ukraine to use American-supplied longer-range weapons to conduct strikes inside Russian territory.

The United States said on Monday it was Russia that is escalating the conflict in Ukraine by deploying North Korean troops, after the Kremlin warned that Washington would deepen its involvement in the war by allowing Kyiv's forces to strike far into Russia with U.

The Kremlin on Monday issued an angry response to a reported U.S. decision to allow Ukraine to use Western-provided missiles to strike deep into Russian territory, accusing Washington of adding “fuel to the fire” in a war Moscow launched almost three years ago.

Ukraine war escalates; Biden greenlights long-range missiles against Russia