Oil gained more than 1% as tension in the EU, Middle East escalated

International benchmarks for crude oil extended gains on Tuesday, 18 June from the previous session after a Ukraine drone strike caused a large fire at an oil terminal in Russia. Meanwhile, Israel threatened an all-out war with Lebanon's Hezbollah.

The market also gained traction after the representative from the New York Federal Reserve commented that interest rates would come down gradually albeit without giving a precise timetable.

Brent jumped $1.08 or 1.3% to close at $85.33/barrel.

WTI gained $1.24 or 1.5% to close at $81.57/barrel.