Oil prices rose in Asian trading on Tuesday after retreating a day earlier, with investors closely monitoring developments around the Strait of Hormuz amid the ongoing war involving Iran, reports AFP.
At around 0030 GMT, West Texas Intermediate (WTI) gained 1.95 percent to $95.32 per barrel after falling 5.3 percent the previous day.
Meanwhile, Brent Crude rose 1.84 percent to $102.05 per barrel after dropping 2.8 percent on Monday.
Japan said Monday it had begun releasing oil from its strategic reserves, while Fatih Birol, head of the International Energy Agency (IEA), said member countries could release additional supplies from emergency stockpiles if necessary.
IEA member states had already agreed last week to carry out their largest-ever coordinated release of 400 million barrels of oil.
The move helped reassure investors, as did reports that a Pakistani oil tanker became the first non-Iranian vessel to pass through the Strait of Hormuz with its automatic transponder system activated, according to maritime monitoring service MarineTraffic.
However, attacks on Middle Eastern energy facilities continued, with drones striking major oil fields in the United Arab Emirates and Iraq on Monday.
Meanwhile, allies of the United States pushed back against demands from Donald Trump to assist in reopening the key shipping route for oil and natural gas tankers.
In stock markets, Nikkei 225 in Japan rose 0.57 percent, while the Kospi in South Korea climbed 2.40 percent.
The gains followed a rally on Wall Street, while most European markets also advanced on Monday as the US-Israel war on Iran entered its third week.
Bd-pratidin English/ Jisan
