Oil prices remained relatively steady on 15 April as investors evaluated the potential impact of renewed US-Iran discussions and possible supply releases from the Middle East, where exports are hindered by the closure of the Strait of Hormuz.
By 08:21 GMT, Brent crude futures had risen by $0.43 to $95.22 per barrel (bbl) following a 4.6% decline the day before, reported Reuters.
Meanwhile, US West Texas Intermediate (WTI) crude edged down by $0.17 to $91.11/bbl after a 7.9% drop in the previous session.
The ongoing conflict has largely closed the Strait of Hormuz, a crucial passage for oil exports from the Gulf to international markets, especially in Asia and Europe.
US President Donald Trump indicated that discussions with Tehran to end the conflict may recommence this week following inconclusive talks over the weekend.
However, the US has implemented a blockade on vessels departing Iranian ports, which the military confirmed on Wednesday has effectively stopped all maritime trade into and out of the country.
Despite a temporary ceasefire lasting two weeks, passage through the strait remains uncertain. Vessel traffic has significantly reduced from more than 130 daily crossings prior to the conflict, according to sources cited by the news agency on Tuesday.
Oil refiners are actively pursuing alternative sources of supply, leading to increased premiums on oil from regions such as the US Gulf Coast and the North Sea.
A recent incident involving a US destroyer halting two Iranian oil tankers reflects ongoing tensions.
The market may face further supply challenges after two US administration officials informed Reuters on Tuesday that the US will not extend the 30-day sanctions waiver on Iranian oil at sea, which is set to expire this week.
A similar waiver on Russian oil sanctions lapsed over the weekend.
The Trump administration has stated it is using a "maximum pressure" strategy against Iran concerning its nuclear programme and backing of militant groups in the Middle East. Despite sanctions, Iranian oil continues to be shipped to China.
The expiry of these waivers, which had temporarily allowed oil transactions to alleviate supply pressures, is anticipated on 19 April, according to US Treasury Secretary Scott Bessent.
