Oil prices increases as markets deal with Middle East tensions and Ukraine

Oil prices witnessed a further increase on Tuesday as some European Union members discussed a potential oil ban on Russia, and Saudi Arabia dealt with attacks on its oil facilities.

The benchmark West Texas Intermediate futures increased by $2.20, to $114.32 a barrel on NYMEX. Meanwhile, Brent futures increased by $3.18 to $118.80 a barrel on the Intercontinental Exchange at 0440 GMT, according to Reuters.

On Monday, the European Union's foreign ministers discussed whether to put sanctions on Russia's energy sector over its invasion of Ukraine. The bloc has been divided on whether to slap further sanctions and how on Russia’s oil sector. 

"Why should Europe give Putin more time to earn more money from oil and gas? More time to use European ports? More time to use unsanctioned Russian banks in Europe? Time to pull the plug," Lithuania's Foreign Minister Gabrielius Landsbergis said on Twitter.

Meanwhile, Saudi Arabia said on Monday that it would not bear any responsibility for disruptions to global supply following attacks over the weekend on its oil facilities by Yemen’s Houthis. The attacks have caused a temporary decline in the output of the refineries. 

The Kingdom’s position was made by an unidentified Saudi foreign ministry official in remarks on state news agency SPA.