Asian stocks were mixed and US Treasury yields fell Tuesday as markets, boosted by the weekend of a long-delayed $1 trillion US infrastructure bill, waited for the release of US inflation data.
"Iran's return to the oil market so soon," Iranian Oil Minister Bijan Zanganeh said.
Oil Brent crude LCOc1 settled at $42.40 a barrel, up $2.95, or 7.48%, while U.S. West Texas Intermediate crude CLc1 settled at $40.29 a barrel, rising $3.15, or 8.48%.
Oil prices slipped on Monday, after Saudi Arabia and Russia delayed a meeting to discuss output cuts that could partly alleviate oversupply in global markets as the coronavirus pandemic pummels demand.
End of Iran waivers will increase Oil prices by 5 to 10 percent; Economic analyst told ILNA in an interview.
