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Following the steep drop seen over the two previous sessions, the price of crude oil showed a substantial move back to the upside during trading on Tuesday.
Crude for June delivery surged $1.92 or 3.2 percent to $62.15 a barrel after tumbling to its lowest closing levels in over four years during Monday's session.
The rebound by oil prices came as rising tensions in the Middle East offset concerns about a potential supply glut and lingering concerns about President Donald Trump's protectionist trade policies.
Middle East tensions intensified after Israel launched a counterattack on various targets across Yemen in response to the Houthi movement striking the Ben-Gurion Airport in Tel Aviv.
Israel also approved plans Monday to seize the Gaza Strip and to stay in the Palestinian territory for an unspecified amount of time.
Hamas said it will no longer engage in truce talks amid a catastrophic hunger crisis created by Israel's blockade on all humanitarian and commercial supplies.
