Brent crude futures fell 78 cents, or 1.0%, at $76.30 a barrel as of 0350 GMT. US West Texas Intermediate slipped 78 cents, or 1.1%, to $72.43 a barrel
Prices fell more than 3 per cent on Monday after the United States granted Iran a 60-day sanctions waiver following initial peace talks
On Monday, oil prices fell nearly 5 per cent to their lowest close since March 4, after US President Donald Trump said a memorandum of understanding was signed to end the US-Israeli war with Iran
Brent futures were down $2.11 or 2.3 per cent at $88.27 a barrel by 0640 GMT, while US West Texas Intermediate (WTI) crude dropped $1.90, or 2.2 per cent, to $85.81
Prices have been volatile in recent sessions, swinging by as much as $6 for both benchmarks on conflicting signals over a possible end to the three-month US-Israeli war on Iran
The rupee weakened against the dollar as crude oil prices surged following fresh US strikes on Iran and concerns over disruptions in the Strait of Hormuz
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US West Texas Intermediate was at $99.85 a barrel, up $4.43, or 4.64 per cent
Brent crude futures were up $1.41, or 1.41 per cent, at $101.47 a barrel as of 0123 GMT
Brent's June contract hit $126.41 a barrel on Thursday, marking the highest level since March 2022, before ending the session down
Brent crude futures rose $2.16, or 2.05%, to $107.49 a barrel by 2346 GMT, the highest since April 7, and US West Texas Intermediate was at $96.17 a barrel, up $1.77, or 1.88%
On its part, the government has denied reports of hiking petrol and diesel prices despite the surge in crude oil in the backdrop of the conflict in West Asia.
Brent crude futures were up $1.59, or 1.6 per cent, at $100.07 a barrel at 0842 GMT while West Texas Intermediate futures rose $1.51, or 1.7 per cent, to $91.18
Brent crude futures fell 52 cents, or 0.55 per cent, to $94.27 a barrel at 0054 GMT after falling 4.6 per cent in the previous session
Markets had discounted the bad news with select pockets seeing a dip of over 15 per cent, which have recovered partially now, Arora of Helios Capital said.
A month into the war, investors continue to be whipsawed by a barrage of headlines as tensions and attacks between the US, Israel and Iran escalate
Brent crude futures jumped $3.16, or 2.81 per cent, to $115.73 a barrel by 2205 GMT after settling 4.2 per cent higher on Friday
A broader escalation-including the potential closure of the Red Sea chokepoint by Yemen's Houthis-would likely push both Brent and WTI to new cycle highs
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During the October 1973 Yom Kippur War, Arab OPEC members, led by Saudi Arabia, implemented an oil embargo against the US and other nations that supported Israel that led to oil rising 300 per cent.