Oil prices were largely flat on Tuesday as markets weighed fading optimism over a potential Russia-Ukraine peace agreement against escalating geopolitical tensions in the Middle East, particularly around Yemen.
Brent crude futures for February delivery, which expire later on Tuesday, rose 15 cents to 62.09 a barrel by 0918 GMT. The more actively traded March contract gained 12 cents to 61.61 a barrel.
Both Brent and U.S. West Texas Intermediate WTI crude settled more than 2 per cent higher in the previous session following Saudi Arabia's launch of airstrikes in Yemen and renewed tensions between Moscow and Kyiv. Russia accused Ukraine of targeting the residence of President Vladimir Putin, a claim Kyiv dismissed as baseless and intended to derail peace negotiations.
