Oil prices rose early on Tuesday, supported by ongoing production cuts led by OPEC and concerns that tensions in the Middle East could lead to supply disruptions.

James Mick, managing director and energy portfolio manager with asset management firm Tortoise, told Reuters “rising geopolitical tensions” were driving up oil prices. The biggest risk was that the United States could re-introduce sanctions on Iran.

“Crude also received support from OPEC members as Saudi Arabia and Russia both reiterated goals to extend the production cut agreement,” Mick told Reuters.

U.S. West Texas Intermediate (WTI) crude futures were at $65.71 a barrel at 0142 GMT, up 16 cents, or 0.2 percent, from their previous close.

Brent crude futures were at $70.25 per barrel, up 13 cents, or 0.2 percent.

In stocks, Asian stocks rose on Tuesday, tracking a rebound on Wall Street on Monday as reports of behind-the-scenes talks between the United States and China gave hopes to investors that a trade war could be prevented.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose almost 1 percent.

On Wall Street, the Dow jumped 2.84 percent, while the S&P 500 climbed 2.72 percent and the Nasdaq 3.26 percent.

In the Middle East, stock markets were mixed on Monday.

Abu Dhabi’s index added 0.8 percent, outperforming the region. First Abu Dhabi Bank gained 2.6 percent to its highest level since the stock began trading on the Abu Dhabi bourse on April 1, 2017 after the merger of National Bank of Abu Dhabi and First Gulf Bank.

Dubai’s index closed 0.4 percent down, with theme park operator DXB Entertainments finishing 2.7 percent lower. The company reported a 1.12 billion dirham ($305 million) loss for last year.

Saudi Arabia’s index closed 0.2 percent higher, as Saudi Arabian Mining Co (Ma'aden) added 1.8 percent. Another blue chip, Advanced Petrochemical Co, rose 4.6 percent; it will go ex-dividend on April 1.

The Qatari index lost 0.5 percent with Qatar First Bank the most heavily traded stock for a second day running. It closed 0.4 percent lower.

The Egyptian index closed 0.7 percent higher with investment firm Qalaa Holdings the largest gainer, rising 10.0 percent. The stock, which traded near record lows last year, has gained around 59 percent over the past month.

Kuwait’s index was down 0.1 percent, Bahrain’s index fell 0.7 percent, while Oman’s index dropped 0.9 percent.

In currencies, the dollar index against a basket of major currencies was 0.1 percent higher as investors were hoping that a trade war would be averted.

Gold prices inched lower early on Tuesday on a stronger dollar.

Spot gold fell 0.1 percent to $1,352.40 per ounce at 0111 GMT.

In other news, China’s central bank on Tuesday lifted its official yuan midpoint to 6.2816 per dollar, the strongest level since August 2015.

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