While new US sanctions against Iran and rising stock markets helped trigger a recovery after the sharp drop in the previous session, oil prices rose by more than $1 per barrel on Tuesday.

Brent futures rose $1.74, or 2.6%, to $68 per barrel at 12:16 ET (16:16 GMT) at 12:16 ET (16:16 GMT). The West Texas Intermediate U.S. crude contract for May, which expires on Tuesday, gained $1.96, or 3.1%, to $65.04. The June WTI contract, which was more actively traded, gained $1.92, or 3.1%, to $64.33. The Brent and WTI indices fell by more than 2% on Monday due to the progress of negotiations between the United States and Iran and the fall in stocks

The International Monetary Fund lowered its economic forecasts for this year on Tuesday, citing U.S. tariffs at their highest level in 100 years and rising trade tensions between Washington and Beijing. According to a preliminary Reuters poll released on Monday, U.S. crude oil and gasoline inventories are expected to have declined last week, while distillate stocks are expected to have increased