Oil prices were broadly unchanged on Tuesday as signs of escalation of the Russia-Ukraine war kept investors cautious of supply disruptions, but the partial restart of production in Norway's Johan Sverdrup oilfield limited gains.

Oil prices steady as Norway's Sverdrup field resumes and Iran offers uranium cap, despite Russia-Ukraine tensions. Brent $73.23, WTI $69.21.

Oil prices traded steady on Tuesday as Norway's Johan Sverdrup oilfield restarted production and there were reports of Iran offering to cap its uranium stockpile, factors that offset investor concerns about escalation of the Russia-Ukraine war.

Limiting oil's ascent, Equinor resumed partial production from the Johan Sverdrup field in the North Sea, Western Europe's largest oilfield, the day after a power outage there contributed to a 3% surge in oil price benchmarks. The partial restart and a stronger U.S. dollar weighed on market sentiment on Tuesday, UBS analyst Giovanni Staunovo said.

Oil slipped on Tuesday pressured by the restart of production at Norway's Johan Sverdrup oilfield, although investor caution arising from fears of an escalation in the Russia-Ukraine war limited the decline.

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

Oil prices climbed more than $2 a barrel on Monday after news that crude production at Norway's Johan Sverdrup oilfield had been halted, which added to earlier gains stemming from escalation of the Russia-Ukraine war.

Moscow’s full-scale invasion of Ukraine roiled global energy markets in 2022 as European nations sought to end their dependence Russian natural gas.