Optimism over China's increasing demand and worries about supply shortages as a result of the closure of a significant export terminal due to an earthquake in Turkey sent oil prices higher for a second consecutive session on Tuesday.

Brent crude futures surged 1.2% to $81.97 per barrel while WTI futures added 1.8% to $75.45 per barrel.

According to the head of the International Energy Agency, China will account for half of the increase in global oil demand this year. He also noted that the demand for aviation fuel was rising.

The biggest oil exporter in the world, Saudi Arabia, increased the price of its flagship crude for Asian consumers for the first time in six months amid hopes that demand will go up, particularly from China.

Oil markets will keep an eye on Jerome Powell's speech on Wednesday, according to analysts. Increases in interest rates often result in a stronger currency, which might raise the price of crude for non-American consumers.

NYSE: BP announced a record profit of $28 billion on Tuesday for 2022.