By Gina Lee

Investing.com – Oil was up on Tuesday morning in Asia, extending gains on news that some European Union (EU) members are on Russian oil. However, the markets were jittery after reports of attacks on Saudi Arabian oil installations.

The price rose by 2.42 percent to $118.42 at 12:26PM ET (4:26AM GMT) and increased by 2.33% up to $112.53

The market continues to be concerned about possible supply disruptions and both contracts ended up more than 7 percent on Monday.

Oil markets “remain on edge as the restrictions on Russia exports continue to build,” Australia and New Zealand Banking Group Ltd. analyst Daniel Hynes and Soni Kumari said in a note. That’s reflected in forward curves remaining steeply backwardated, they added, referring to a bullish pattern in which prompt prices trade above those further out.

EU foreign ministers remain divided about whether or not to support the U.S. sanctions on Russian oil. Some countries argue, such as Germany, that the bloc is too dependent upon Russian oil.

The ban proposal is not yet policy, as a large number of EU countries oppose it. “Nevertheless, it is significant that this ban is being considered at all,” Commonwealth Bank of Australia analysts stated in a note.

Meanwhile, Saudi Arabia warned it would not bear responsibility for disruptions to global oil supply following attacks on the country’s oil facilities by Houthis. Over the weekend, missiles and drones were fired at Saudi oil facilities by an Iranian-aligned organization. This caused a temporary drop in crude oil production.

Investors are currently awaiting, which is due later today.