Doha: Oil prices climbed about 2% on Tuesday’s trading. The Brent crude futures contract rose by $1.17, or 1.6%, reaching $74.4 a barrel, while US West Texas Intermediate (WTI) crude increased by $1.34, or 1.87%, to $73.11.

According to Qatar News Agency, both crudes had initially surged by more than 2% earlier in the session. This increase followed a downturn on Monday when contracts had settled more than 1% lower.