Russian oil firm Rosneft, nevertheless, doesn't anticipate harder sanctions on Iran to end in a world oil deficit, pointing to US strain on Saudi Arabia and the United Arab Emirates to make up any shortfall.
Oil futures ended little changed on Wednesday after supply curbs, including further talk on an extension to OPEC-led cuts, offset rising US crude inventories and record production.
Oil prices pared their gains on Tuesday, after global benchmark Brent crude rose above $73 a barrel, as the market grew less anxious that a rebellion against Venezuelan President Nicolas Maduro would hit the country's crude exports.
"The US president clearly on-boarded the Saudis before tightening the screws on Iran", said Stephen Brennock, an analyst at PVM Oil Associates Ltd.in London.
ANZ bank said on Monday oil prices "took a hit after President Trump indicated he had spoken with Saudi Arabia about reducing the impact of lower Iranian oil exports by increasing flows elsewhere". But much of the profusion in supply, led by the United States, Saudi Arabia and Russian Federation, is in lighter grades. Trump is also said to have asked OPEC to increase oil production to counter the potential fall in supply from Iran.
Brent crude futures rose 30 cents, or 0.4 percent, to $72.45 a barrel by 12:57 p.m. ET (1657 GMT).
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India is the third-largest oil consumer in the world, and almost 80 percent of its oil demand is met with imported oil.
Earlier, crude prices drew support when Saudi Arabia Energy Minister Khalid al-Falih said a deal between producers to cut output could be extended to the end of 2019.
Also supporting prices was government data showing that US crude production fell in February for the second month in a row, sliding 187,000 barrels per day (bpd) to 11.7 million bpd.
However, Pompeo did not make any commitment and told Swaraj the matter was no longer handled at his level as a decision had been made by the USA administration to strictly enforce sanctions, the people added.
Waivers that allowed China and several other major buyers to purchase Iranian oil will expire May 2, cutting off a significant source of supply.
Iran's economy is expected to shrink for the second consecutive year and inflation could reach 40 per cent, an International Monetary Fund senior official said, as the country copes with the impact of tighter sanctions imposed by the United States, Reuters reports.