Asian oil prices rise in early trading as tensions between Russia and Ukraine escalate, increasing concerns about supply.

Oil prices rose in early Asian trading on Tuesday, as tensions between Russia and Ukraine escalated, intensifying concerns about supply disruptions. Brent rose 20 cents, or 0.29%, to $68.35 a barrel; U.S. West Texas Intermediate crude rose 81 cents, or 1.27%, to $64.82 a barrel. Due to the U.S. Labor Day holiday, U.S. crude futures did not settle on Monday. According to Reuters calculations, recent drone attacks in Ukraine have led to the closure of refining facilities, accounting for at least 17% of Russia's oil processing capacity, or 1.1 million barrels per day. On Sunday, Ukrainian President Zelensky stated that following weeks of intense attacks on Russian energy assets, Ukraine plans to launch new strikes deep into Russian territory. "The risks to Russia's energy infrastructure remain high. Ukraine attacked more Russian refineries over the weekend, while ramping up attacks on infrastructure," said Daniel Hynes, senior commodity strategist at ANZ Bank, in a report on Tuesday.