Oil prices climb $2 on strong demand, tight supply

LONDON: Oil prices rose almost $2 on Tuesday on high summer fuel demand while supplies remain tight because of sanctions on Russian oil after its invasion of Ukraine, Reuters is reporting.

Brent crude rose $1.80, or 1.6 percent, to $115.93 a barrel by 1209 GMT.

The US West Texas Intermediate crude contract for July, which expires later on Tuesday, rose $2.26, or 2.1 percent, to $111.82. The more active WTI contract for August was up $2.37 at $110.36.