Oil prices rose about 2 percent on Tuesday to extend overnight gains after Russia deepened supply cuts to Europe.
Benchmark Brent crude futures jumped 1.8 percent to $102.01 a barrel, while WTI crude futures were up 1.7 percent at $98.36.
European gas prices hit a five-month high after Russian energy giant Gazprom said that it will cut gas flows through Nord Stream 1 to 33 million cubic meters per day from July 27, which will be just 20 percent of normal capacity, citing the need to repair equipment.
The announcement heightened fears that Russia could cut off gas supplies as political leverage over the war in Ukraine, while Europe is trying to stockpile gas winter.
Meanwhile, there are expectations that Russia's reduction in natural gas supply to Europe could encourage a switch to crude.
EU energy ministers are due to meet today to discuss the proposal from the European Union's executive arm, which called for all EU countries to reduce their gas use by 15 percent.
