Brent crude oil futures climbed 3.5% to settle at $72.5 per barrel on Tuesday, hitting a five-week high and extending Monday’s 2.3% rally, as easing trade tensions and rising geopolitical risks intensified global supply concerns. Market sentiment was lifted by a US-EU trade agreement that averted a broader conflict and brightened the outlook for global fuel demand. The deal also included a pledge from the EU to purchase $750 billion in US energy, although analysts remain skeptical about its feasibility. Adding to the bullish tone, President Trump ramped up pressure on Russia by setting a tighter deadline to resolve the war in Ukraine and threatening new sanctions. On the economic front, a stronger-than-expected US consumer confidence reading further supported demand optimism. Meanwhile, investors are closely watching the Federal Reserve’s policy meeting this week, with rates expected to hold steady, though officials may signal a more dovish stance amid signs of easing inflation.