Oil prices rose on Tuesday after falling in the previous trading session, which was driven by signs of easing tensions in the Middle East.
According to market data, October Brent crude futures gained 1.49% on the ICE Futures exchange in London to $85.02 per barrel.
Meanwhile, September West Texas Intermediate (WTI) crude futures rose 1.12% to $81.24 per barrel in electronic trading on the New York Mercantile Exchange (NYMEX).
In the previous session, Brent fell to its lowest level since July 13 after US President Donald Trump said he had decided not to carry out planned large-scale strikes on Iran in an effort to pursue a peaceful resolution.
Trump said Tehran and other Middle Eastern countries had urged him to delay the strikes. He also expressed confidence that an agreement concerning the Strait of Hormuz would be reached soon, although he did not provide further details. At the same time, Trump said the United States could resume strikes against Iran at any moment if necessary.