Oil prices increased on Tuesday as Russia's production remained below OPEC+ quotas, while sanctions and export bans further tightened global supply.

The international benchmark Brent crude rose by 0.5%, trading at $76.21 per barrel at 10.41 a.m. local time (0741 GMT), up from $75.81 at the close of the previous session.

The US benchmark West Texas Intermediate (WTI) increased by 0.5%, reaching $72.55 per barrel, compared to its prior session close of $72.19.

Oil prices gained about 2% in the previous session, driven by signs of tightening supply, rebounding after three consecutive weeks of losses.

Both benchmarks continued to climb on rising supply concerns as Russia's oil production remained below the quota of OPEC+, which consists of the Organization of the Petroleum Exporting Countries (OPEC) and some oil producers including Russia.

Meanhile, concerns that global trade tensions could negatively affect economic growth and the US Federal Reserve's high interest rates are keeping price increases in check.

Additionally, news that European countries are planning to seize Russia's 'shadow fleet' increased concerns in the markets. US sanctions targeting Russian oil tankers, producers and, insurers last month significantly disrupted Russian oil shipments to China and India.

Disruptions in Russia's fuel exports are driving up cash oil prices, especially in the Middle East region. Russia's Federal Monopoly Service imposed a one-month export ban on major producers to stabilize gasoline prices.

In addition, the US administration announced new sanctions on networks transporting Iranian oil to China. US President Donald Trump has reinstated the 'maximum pressure' policy on Iranian oil exports.

The US Federal Reserve's (Fed) announcement that it will not cut interest rates until the next quarter limited the upward price movement.

Experts note that money market pricing indicates that the Fed will cut interest rates for the first time in June. However, they warn that the Fed's continued high interest rates may limit economic growth leading to a decline in oil demand.

Analysts will closely follow US Federal Reserve Chairman Jerome Powell's statements today on the course of the US economy and the possible effects of tariffs.