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 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 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 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.

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.

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