Brent crude futures rose $2.40, or 3.2 percent, from the previous settlement to reach $76.56 per barrel. U.S. West Texas Intermediate (WTI) crude futures climbed $2.26, or 3.2 percent, to $72.70 per barrel.
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Indian state-held refiners are considering buying Iranian crude oil if the United States extends the waiver on Iran's oil sales beyond August or further eases restrictions on that trade.
The Strait of Hormuz remains the world's most critical oil shipping route, carrying roughly one fifth of global oil and a significant share of liquefied natural gas exports.
The U.S. Treasury Department on Tuesday revoked its authorization of Iranian oil sales after a series of attacks on tankers in the Strait of Hormuz this week.
An oil and gas expert stated: Wars do not only destroy infrastructure; they also transform the logic of investment. Any country emerging from a security crisis faces two choices. The first is merely compensating for past damages, and the second is building a more resilient, competitive, and attractive economy for investment from the heart of the crisis.
Brent crude futures climbed $0.73 (1.01%) to settle at $72.72 per barrel. U.S. West Texas Intermediate (WTI) crude futures rose $0.66 (0.96%) to $69.21 per barrel.
Another two Japanese-owned supertankers carrying Saudi Arabian crude were heading to the Strait of Hormuz to exit the Persian Gulf on Tuesday, shipping data from LSEG and Kpler showed, joining a fleet of previously stranded vessels that left a day earlier.
Iran has allowed two Indian-flagged liquefied petroleum gas carriers to sail through the Strait of Hormuz, four sources with direct knowledge of the matter said, a rare exception to the Iranian blockade that has disrupted global energy supplies.
Iran's Commercial Attaché in Doha announced the reopening of Qatar's Al Ruwais port to Iranian goods and the resumption of maritime trade between the two countries.
Brent crude futures declined by 15 cents, or 0.21%, to $71.97 per barrel. Meanwhile, U.S. West Texas Intermediate (WTI) crude futures edged up 3 cents, or 0.04%, to $68.72 per barrel.
ADNOC has launched a global liquefied natural gas (LNG) marketing and trading platform in Abu Dhabi Global Market (ADGM).
India has boosted domestic LPG production by 25% after ordering refineries and petrochemical plants to maximize output by redirecting propane, butane, propylene, and butenes to the LPG supply for household consumers.
The CEO of the National Iranian Oil Company said the massive public turnout at the farewell ceremony for the Martyred Leader reflected a renewed commitment to his ideals, stressing that oil industry employees remain steadfast in carrying out their responsibilities as the country's economic frontline.
Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman have agreed to adjust their oil production while reaffirming their commitment to maintaining global oil market stability.
Prime Minister Narendra Modi inaugurated India's first greenfield integrated refinery-cum-petrochemical complex at Pachpadra in Rajasthan's Balotra district.
Iraq's cabinet approved Basra Oil Company signing "a heads of agreement", or preliminary agreement, and a non-disclosure agreement with a consortium including U.S. companies Capital TI and Chevron and Qatar's UCC to study strategic oil export pipeline projects, according to a cabinet statement.
India has withdrawn an order imposing curbs on gas suppliers as supply of liquefied natural gas has resumed from the Middle East, it said in a notification issued on Saturday.
Oil Minister Mohsen Paknejad said the country will remain steadfast in the face of its enemies, pledging continued support for Iran's leadership and resilience against external threats.
In a meeting between the Oil Minister of Iran and the Minister of Foreign Affairs of the Republic of Nicaragua, the development of bilateral cooperation between the two countries in the oil and energy sector was emphasized.
Iran has begun talks with Japanese companies under a U.S. sanctions waiver allowing it to resume oil sales, though prospective buyers are seeking a longer waiver and reassurances about ship safety, three Iranian and Western sources said.