Oil prices rose on tuesday:il prices rose on Tuesday, after falling more than 2% in the previous session, as investors assessed the impact of harsher US secondary sanctions against Iran. Brent crude futures rose 27 cents, or 0.3%, to $92.44 a barrel, while US West Texas Intermediate crude was up 37 cents, or 0.4% to $85.38 a barrel.

According to Qatar News Agency, both contracts settled lower on Monday, with U.S. crude oil falling to a one-week low on profit taking after prices rallied over the previous two weeks. The decline in oil prices had been notable, prompting concerns among investors about the possible long-term effects of the new sanctions.

US Strategic Petroleum Reserve fell by about 3.7 million barrels to 289.7 million barrels last week, marking the lowest level since November 1982. This decrease in reserves is viewed as a significant factor influencing the recent movements in oil prices, as it indicates a tighter supply situation that could drive prices higher in the near term.