Crude futures settle higher

Oil prices climbed on Tuesday.

The West Texas Intermediate for April delivery gained 2.71 U.S. dollars, or 2.9 percent, to settle at 96.21 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for May delivery added 3.21 U.S. dollars, or 3.2 percent, to settle at 103.42 U.S. dollars a barrel on the London ICE Futures Exchange.

UN Secretary-General Antonio Guterres has renewed his urgent call for an end to the Middle East conflict to prevent the worsening global hunger crisis, Farhan Haq, deputy spokesperson for the UN Secretary-General, said at the UN headquarters in New York on Tuesday.

Speaking at a press briefing, Haq quoted the UN Chief as saying that amid the escalating tensions in the Middle East, diplomacy must prevail.

He also cited the warnings from UN agencies that the conflict in the Middle East is feared to plunge tens of millions more into food insecurity. "The secretary general asserts once more that the war in the Middle East must stop, diplomacy must prevail, all Security Council resolutions must be implemented. The latest one, Resolution 2817, must be respected as we see that countries in the Gulf continue to be targeted," Haq said.

"And the World Food Program (WFP) is warning today that the total number of people around the world facing acute levels of hunger could reach record numbers in 2026 if the escalation in the Middle East continues to destabilize the world's economy. New analysis by WFP estimates that almost 45 million more people could fall into acute food insecurity or worse if the conflict does not end by the middle of the year, and if oil prices remain above 100 dollars a barrel. These would add to the 318 million people around the world who are already food insecure," he said.

Haq also highlighted the strategic significance of the Strait of Hormuz, noting that the key to restoring its safe and secure operation lies in bringing an end to the conflict.

He said that UN Secretary-General Antonio Guterres would travel to Brussels later on Tuesday for urgent consultations with European officials on navigation through the Strait of Hormuz and follow-up safeguard measures.