Oil prices rose on Tuesday on growing evidence of falling crude exports from Iran and as nearly one-fifth of daily oil production was lost from offshore Gulf of Mexico wells due to Hurricane Michael.
Benchmark Brent crude ended Tuesday's session up $1.09, or 1.3 percent, at $85 a barrel, having fallen as low as $82.66 on Monday. Brent hit a four-year high of $86.74 last week.
U.S. West Texas Intermediate crude settled 67 cents, or nearly 1 percent, higher at $74.96. WTI hit $76.90, a nearly four-year high, last week.
"The oil market mood is exceptionally bullish, with fears growing that the U.S. demands for an Iran oil embargo could cause a significant supply shortfall," said Julius Baer commodities research analyst Carsten Menke.