Oil prices climbed about 2% on Tuesday to a two-week high as persistent geopolitical tensions between Russia and Ukraine, and the U.S. and Iran looked set to keep sanctions on both OPEC+ members Russia and Iran in place for longer.

Brent crude futures gained 0.1 per cent to US$64.68 a barrel. West Texas Intermediate crude, meanwhile, was up 0.3 per cent, to US$62.68