London: Oil prices climbed about 2% on today's trading. The Brent crude futures contract saw an increase of $1.17, or 1.6%, reaching $74.4 a barrel. Meanwhile, US West Texas Intermediate (WTI) crude rose by $1.34, or 1.87%, to $73.11 a barrel.

According to Oman News Agency, both crudes had earlier risen more than 2% during the trading session. This rise comes after a previous dip, where contracts settled more than 1% lower on Monday.