Oil headed for its longest string of quarterly gains in more than a decade as impending supply disruptions threaten to fracture a global market with little margin for error.
U.S. West Texas Intermediate (WTI) crude futures were up 25 cents, or 0.3 percent, at $75.55 a barrel.
Brent for November delivery rose $1.06 to $82.78 a barrel at 11:14 a.m. on the ICE Futures Europe exchange in London.
A Reuters survey of OPEC production found Iranian output in September fell by 100,000 barrels per day, while production from the group as a whole rose by 90,000 bpd from August. The bullish breakout can lead oil prices towards $74.30.
Oil extended gains near the highest level in nearly four years as investors grapple with doubts over OPEC's ability to replace falling exports from Iran.
Across the entire petroleum complex, including crude and refined fuels, hedge fund short positions have fallen the lowest level since at least 2013.
Prior to the November 4 oil trade sanctions, the White House prohibits Iran from using USA dollars for its global trading activities as well as the sale of its precious metals in the world market.
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The new deal was cheered in a tweet from Hamilton Mayor Fred Eisenberger, who encouraged negotiators to keep fighting for steel. The measures in the new deal - which Mr Trump dubbed "US MCA" - "will support many - hundreds of thousands - American jobs".
The pair discussed the stability of the oil market and the strategic partnership between the two countries, Al Arabiya TV reported, without providing more details.
In India, fuel prices continued to be on fire on Tuesday.
Higher gasoline prices is a pocketbook issue for consumers, they see gasoline prices rising and wonder what the government is doing about it to keep money with the consumer. It should be noted that the call to reduce oil prices comes from a major exporter, as USA oil production is booming at record levels with exports surpassing most OECD countries.
Traders are hunting for the price threshold that forces one of those developments.
Speaking at the United Nations General Assembly in NY last week, Trump said OPEC members were "as usual ripping off the rest of the world".
As concerns over a global crunch due to the loss of Iranian oil mount, President Donald Trump and King Salman bin Abdulaziz of Saudi Arabia discussed efforts to maintain supplies.
"The market's very keen to figure out the size of impact from the Iranian supply disruptions and whether Saudi Arabia and Russian Federation are able to make up for the losses", Kim Kwangrae, a commodities analyst at Samsung Futures Inc., said by phone.
