Oil prices retreated on Tuesday after the previous day's rally driven by halted production at Norway's Johan Sverdrup oilfield, but investors remained cautious amid fears of a potential escalation in the Russia-Ukraine war.

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 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,

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.

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.