WTI crude oil prices rallied 2.2% on Tuesday, extending gains since the end of last week.

The past 24 hours also marked the highest close for WTI since June 8.

The rally in crude oil prices is being driven by concerns about tight global supplies.

The EIA's Short-Term Energy Outlook forecasts that Brent crude oil spot prices will average $79 per barrel in the second half of 2023 and $84/b in 2024.

Crude oil prices are also being supported by the ongoing war in Ukraine.

The war has disrupted Russian oil exports, which have fallen by more than 2 million barrels per day since the invasion began.

The United States and its allies have also imposed sanctions on Russian oil, which has further tightened global supplies.

As a result of these factors, crude oil prices are likely to remain elevated in the near term.

This could have a negative impact on the global economy, as it will lead to higher energy costs.

Investors should monitor crude oil prices closely, as they could have a significant impact on the stock market.