Oil held its decline from the dramatic spike earlier in the week as supply assurances from Saudi Arabia and the International Energy Agency calmed the market after the devastating weekend attacks.
An attack on Saudi Arabia's oil industry came "from the north" and was "unquestionably sponsored by Iran", a military spokesman has said.
Iran has warned the US that any action against it after an attack on Saudi oil installations will "immediately" be met with a response from Tehran, its state-run news agency has reported.
Oil stabilised on signs Saudi Arabia is quickly restoring production following a debilitating weekend attack after two tumultuous days in which it surged the most on record and then pared around half of that gain.
The oil price spike caused by a drone attack on a major Saudi processing facility will provide a welcome − but short-lived − boost to North Sea revenues, a prominent petroleum economist has said.
Saudi Aramco is growing less optimistic that there will be a rapid recovery in oil production from the weekend’s attack and now faces weeks or months before the majority of output is restored at the giant Abqaiq processing plant.
Oil markets are grappling with uncertainty over how long it will take Saudi Arabia to restore output after the devastating attacks that knocked out 5% of global crude supply.
Oil posted its biggest ever intraday jump to more than $71 a barrel after a strike on a Saudi Arabian oil facility removed about 5% of global supplies, an attack the U.S. has blamed on Iran.
Saudi Arabia's energy minister has confirmed that drone attacks on its oil facilities knocked out about 50% of the country's production.
Oil and gas companies face an increasing risk of government investigations and significant financial penalties if they do not take appropriate steps to comply with international sanctions measures.
Iran has released seven crew members from detained British-flagged oil tanker Stena Impero and they have flown out of Iran, according to the ship's owner.
Oil fell for a fourth day, set for the longest run of declines in more than five weeks, after the latest escalation in the trade war blindsided investors and worsened an already-shaky global demand outlook.
The Iranian supertanker detained last month on suspicion of hauling oil to Syria in violation of European sanctions set sail from Gibraltar waters after being released by the British territory and is now signaling Greece as its next destination.
The U.S. is gravely disappointed with the U.K. after a Gibraltar court allowed the release of an Iranian tanker suspected of hauling oil to Syria, and threatened sanctions against ports, banks and anyone else who does business with the ship or its crew, two administration officials said.
The energy-rich Central Asian nation of Turkmenistan is hosting an economic forum intended to bolster co-operation between Caspian Sea nations.
The owner of a British tanker seized by Iran in the Strait of Hormuz earlier this month raised concerns about the safety of the crew still on board.
Iran has warned it will protect its waters after the UK set out plans to put together a European maritime force to defend shipping in the Strait of Hormuz.
Britain is to seek to put together a European-led maritime mission to protect ships sailing through the Strait of Hormuz following the seizure by Iran of a British-flagged tanker.
Tankers are offloading millions of barrels of Iranian oil into storage tanks at Chinese ports, creating a hoard of crude sitting on the doorstep of the world’s biggest buyer.
The Government said it remains "deeply concerned" by the "unacceptable" seizure of a British-flagged oil tanker by Iranian authorities in the Persian Gulf.
President Donald Trump said the U.S. “immediately destroyed” an Iranian drone that approached the USS Boxer near the Strait of Hormuz, though officials in Tehran denied losing one.
Iran's state TV is reporting that the country's paramilitary Revolutionary Guard forces have seized a foreign oil tanker accused of smuggling oil.
Jeremy Hunt is to launch a fresh diplomatic bid to prevent the Iran nuclear deal unravelling and to ease tensions in the Gulf.
The U.K. is in talks with the U.S. and other allies about beefing up their military presence in the Persian Gulf to deal with the rising threat to shipping posed by Iran.
The British navy intervened to stop Iran from blocking a commercial oil tanker leaving the Persian Gulf, heightening friction just as European nations scramble to salvage a landmark nuclear accord with the Islamic Republic.