Crude closed at $81.22 a barrel, up nearly 4% on the day. It’s the highest level for oil since November 11.
Prices at the pump have also paused their recent retreat. The national average stands at $3.30 a gallon, up by a penny from a week ago, according to AAA.
Oil prices began tumbling in early November on rumors that the White House would intervene to cool off energy markets. President Joe Biden announced the largest-ever release of barrels from the Strategic Petroleum Reserve on November 23.
Crude kept sliding on fears about the Omicron coronavirus variant, sinking to $65.75 a barrel on December 1.
But oil closed on Tuesday about 24% above the recent lows.