The price of crude oil hit a seven-year high on Tuesday, fueled by a global supply shortage and skyrocketing demand in the U.S.
Brent futures rose 41 cents to settle at over 86 U.S. dollars a barrel.
West Texas Intermediate ended 1.1 percent higher at 84 dollars 65 cents.
These are the highest closes since October 2014 for both the global benchmarks.
The rise comes as OPEC-Plus continues to rebuff calls to boost output.
However, some traders say the potential resumption of nuclear talks with Iran could potentially lead to more crude becoming available.