Oil steadied on Monday, reversing early losses after Israeli Prime Minister Benjamin Netanyahu said he would make an announcement later in the day about the nuclear deal with Iran.
Brent prices have gained around 6 percent this month, buoyed by expectations the United States will renew sanctions against Iran, which is the third-largest producer within OPEC.
U.S. President Donald Trump has until May 12 to decide whether to restore the sanctions on Iran that were lifted after an agreement over its disputed nuclear program.
Brent crude futures were up 43 cents on the day at $75.07 a barrel by 1 p.m. ET (1700 GMT), up from a session low of $73.47.
U.S. West Texas Intermediate (WTI) crude futures were up 45 cents at $68.55 a barrel, having recovered from an intraday low of $67.17.