Oil prices remained relatively steady on Tuesday, hovering near four-month highs following a breakout from previous range-bound trading. Brent crude oil futures for May delivery dipped slightly to $86.74 a barrel, while U.S. West Texas Intermediate (WTI) prices saw a minor decline to $82.07.

The recent surge in oil prices, reaching levels last seen in November, is attributed to various factors including reduced crude exports from Saudi Arabia and Iraq, alongside indicators of heightened demand and economic growth in China and the United States.

Analysts anticipate Brent crude to trade within a range of $80-90 per barrel this year, with a forecast of $86 per barrel by the end of June.

However, geopolitical tensions in Ukraine have introduced a level of uncertainty, particularly with Ukrainian attacks on Russian oil infrastructure.

These attacks, according to JP Morgan analysts, may result in a reduction of Russian crude runs by up to 300,000 barrels per day, potentially leading to increased crude oil exports.

Russia plans to bolster oil exports through its western ports in March, with an increase of nearly 200,000 barrels per day compared to the monthly plan.

Despite this, market sentiment remains cautious as uncertainty looms over U.S. interest rates ahead of the Federal Reserve policy meeting this week.