Headline: Oil Futures Surge on Supply Concerns, Crude Prices Jump 3.5% to $78.50 - NYMEX

[Para 1: The Lead] Crude oil futures surged on Tuesday, reflecting heightened supply concerns, with prices climbing 3.5% to settle at $78.50 per barrel on the New York Mercantile Exchange (NYMEX). This upward movement follows reports of geopolitical tensions affecting oil-rich regions, boosting market volatility and demand for safe-haven assets. [Para 2-3: Supporting details & Context] The increase is also attributed to a weaker US dollar, which makes oil more affordable for buyers using other currencies. According to analysts, the market is closely watching inventory levels and production cuts as key indicators of supply stability. The rally in oil futures has also been supported by a strong demand from major economies, including China, which has signaled a recovery in its energy consumption. The US Energy Information Administration (EIA) reported a decrease in crude oil inventories, adding to the upward pressure on prices.