Analysts predict Iran could boost its oil exports by 1 million to 1.5 million barrels per day, or up to 1.5 percent of global supply, in six months, following international efforts to revive the 2015 nuclear deal.
Investors sold oil positions on worries that aggressive interest rate hikes to stem inflation will sharply slow economic activity and hit oil demand.
A hydrocarbon-fueled political crisis at home is mainly driving the US president’s upcoming visit to the region.
White House praises King Salman and Crown Prince Mohammed bin Salman for their roles in the ceasefire extension in Yemen's war, ahead of President Biden's expected visit to Riyadh.
The state-owned oil producer, which is at par with Apple as the world's most valuable company, reported an almost 82 percent rise in the first-quarter net profit.
The company was pushed into a headline loss of $20.4 billion in the quarter following its decision in February to pull its 19.75-percent stake in Russian energy group Rosneft.
Analysts say market volatility is likely to pick up again soon, with the EU still weighing a ban on Russian oil for the country's military operation in Ukraine.
US President Joe Biden is planning to order the release of up to 1 million barrels of oil per day to control spiked energy prices, AP news agency reports.
Beijing will make some gains from the conflict as its sanctions-hit ally Russia will need China for goods and equipment more than ever.
Sanctions on Russia have already rattled through international markets, hitting European equities in particular.
Oil-rich Gulf countries, which suffered from declines in oil prices since 2014, experts say, seem all the more reluctant to take immediate action as they benefit from the short-term price surge.
After sharp Wall Street losses on Friday, the dip continued in Asia at the start of the week while oil prices closed in on the $100-a-barrel mark on fears over the Russian invasion of Ukraine.
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