Crude oil prices increased by more than 1% on Tuesday after a report claimed that the European Union is pondering new sanctions on China for buying oil and gas from Russia. The report follows United States President Donald Trump’s warnings that he is “ready” to increase the sanctions against Russia after the latest attacks on Ukraine. Investors also digested the Organization of the Petroleum Exporting Countries and its partners’ (OPEC+) recent output hike that was more modest than expected. The West Texas Intermediate (WTI) for deliveries in October rose by 1.38% at 4:31 am ET, going for $63.05 per barrel. Meanwhile, Brent for November’s settlements climbed by 1.24%, selling at $66.84 a barrel at 4:32 am ET.