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(Reuters) - Oil prices settled more than $1 per barrel higher on Tuesday as new U.S. sanctions against Iran and rising equity markets helped spark a recovery rally from the prior session's steep selloff.
Brent crude futures rose $1.18, or 1.8%, to settle at $67.44 per barrel. The U.S. West Texas Intermediate crude contract for May, which expired on Tuesday's settlement, gained $1.23, or 2%, to close at $64.32.
The more actively traded WTI June contract also gained 2% to settle at $63.47.
The U.S. on Tuesday issued fresh sanctions targeting an Iranian liquefied petroleum gas and crude oil shipping magnate and his corporate network.
Although talks between Washington and Tehran over Iran's nuclear program made progress over the weekend, failure to reach a deal could weigh heavily on Iran's oil exports amid tightening U.S. sanctions, said John Kilduff, partner at New York-based Again Capital.
"Either some nuclear deal is agreed or the U.S. tries to drive Iran's oil flows to zero, and it's increasingly looking like a zero-flow scenario," Kilduff said.
The oil and gas industry was rattled by President Donald Trump’s early April tariff announcements, prompting a sharp pause in market activity as commodity prices dropped, equity markets faltered, and investor confidence waned. WTI crude prices plummeted 15% in just a few days, and major publicly traded companies, such as Diamondback Energy and Occidental Petroleum, saw their shares decline by approximately 20%. With uncertainty clouding economic and policy outlooks, operators began forecasting a contraction in U.S. production, particularly if oil prices remain below $60/bbl. The LNG sector also felt the pinch, with liquefaction costs rising due to tariff-driven spikes in materials such as steel and aluminum, which increased construction costs and forced developers to reconsider EPC contracts. Industry experts warned that the tariffs could dampen demand, reduce investment, and delay reinvestment cycles, which are crucial for maintaining the global oil supply.
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