Oil prices rose more than a dollar at settlement on tuesday: Oil prices marked a significant increase at settlement.

According to National Iraqi News Agency, Brent crude futures climbed by $1.60, or 2.5 percent, reaching $65.47 a barrel. Meanwhile, West Texas Intermediate crude experienced a rise of $1.65, or 2.8 percent, settling at $61.15.

Markets are currently dealing with concerns regarding an increase in crude supply, driven by the resumption of Venezuelan exports. Additionally, ongoing geopolitical tensions in the Middle East are contributing to the fluctuations in oil prices.