After rising due to rising tensions between Ukraine and Russia, crude oil prices remained relatively stable.

• Washington has shifted its stance on long-range missiles for Ukraine, with President Biden authorizing their use against targets in Russia.
• On Tuesday, Vladimir Putin, the Russian President, decreased the threshold for utilizing nuclear weapons in Moscow.

On Tuesday, crude oil futures slightly decreased, despite a 3% increase in the previous session due to concerns about the escalation of the conflict between Ukraine and Russia.

According to media reports, President Joe Biden has authorized Ukraine to use long-range missiles to target Russia, marking a significant shift from Washington's previous stance.

On Tuesday, Vladimir Putin, the Russian President, decreased the threshold for utilizing nuclear weapons in Moscow.

Here are Tuesday's energy prices as of 7:39 a.m. ET:

• The December contract price for crude oil is $68.79 per barrel, which is a decrease of 37 cents or 0.53%. To date in the year, the US has seen a decline in crude oil of approximately 4%.
• The January contract price for oil is $73.02 per barrel, which is a decrease of 28 cents or 0.38%. To date in the year, the global benchmark has lost approximately 5%.
• The price of gasoline in December was $2.0133 per gallon, which represents a 0.25% decrease compared to the previous month. Year to date, gasoline prices have fallen approximately 4%.
• The December contract price for gas is $2.950 per thousand cubic feet, which represents a 0.77% decrease. However, year to date, gas has experienced a more than 16% increase in value.

The stock market futures declined due to increasing geopolitical tensions, with the Dow futures dropping over 200 points.

Biden's decision to end the war in Ukraine comes two months before he leaves office. Trump campaigned on ending the war in Ukraine.

The conflict between Russia and Ukraine in 2022 caused disruptions in global energy markets, prompting European countries to reduce their reliance on Russian natural gas.