Oil prices jumped about 2% to a near 10-month high on Tuesday on a tighter supply outlook and OPEC optimism over the resilience of energy demand in major economies.

Brent futures rose $1.64, or 1.8%, to $92.28 a barrel by 11:15 a.m. EDT (1515 GMT). U.S. West Texas Intermediate (WTI) crude rose $1.91, or 2.2%, to $89.20.

Both benchmarks remained technically overbought for an eighth straight day, on track for their highest settlements since November 2022.