• WTI price receives support from growing supply concerns due to rising geopolitical tensions.
• Kremlin warned to retaliate if Ukraine use Army Tactical Missile Systems (ATACMS).
• Norway’s Equinor announced a production halt at its Johan Sverdrup Oilfield due to an onshore power outage.

West Texas Intermediate (WTI) Oil price extends its gains for the second successive session, trading around $69.20 per barrel during Asian hours on Tuesday. Crude Oil prices have gained support amid growing supply concerns over a potential escalation in the Russia-Ukraine conflict. On Sunday, Russia launched its largest airstrike on Ukraine in nearly three months, inflicting significant damage on the country's power infrastructure. 

On Sunday, US President Joe Biden authorized Ukraine to use Army Tactical Missile Systems (ATACMS), advanced long-range American weapons, to conduct strikes within Russia. CNN cited two US officials.