The price of oil is hovering around $103.15 (£77.37) a barrel, dipping after a spike of nearly $105 in early trading on Tuesday.
The movement in oil prices comes as the Iraqi oil minister says they were in contact with Iran to allow some oil tankers to pass through the Strait of Hormuz, according to the Iraqi state news agency.
Major Chinese oil companies have also started making inquiries with Russian crude oil suppliers after the US waived sanctions in a bid to ease pressure on global oil supplies, sources told the Reuters news agency.
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Oil prices have jumped since the war between the US, Israel, and Iran began, and crucial access to the Strait of Hormuz was disrupted.
But prices eased on Monday after reports that several ships had been able to safely navigate the channel.
About a fifth of the world’s oil supply is usually transported through the narrow strait.
