The increase came after both benchmarks fell in the previous session due to diminishing geopolitical tensions between Israel and Iran.

However, the geopolitical situation in the Middle East remains crucial for oil prices, according to Sugandha Sachdeva of SS WealthStreet.

Tensions between various countries, including Iran and Israel, are escalating, with no signs of an imminent full-scale war but the potential for quick reversal of current trends.

The US has approved new sanctions on Iran's oil sector, broadening current sanctions to include foreign ports, vessels, and refineries processing or shipping Iranian crude.

The EU has also agreed in principle to expand sanctions on Iran following Tehran's missile and drone attack on Israel.

The geopolitical situation remains volatile, with Israeli troops conducting a surprise raid in Khan Younis, Gaza Strip, forcing residents to flee once more.

This week, investors are anticipating the release of US Gross Domestic Product (GDP) figures and March Personal Consumption Expenditure (PCE) data to determine the direction of monetary policy.

The Fed uses PCE as its preferred inflation gauge.

According to a Reuters poll, US crude oil inventories are predicted to have risen last week, while refined product stockpiles are expected to have decreased.

Sachdeva, an analyst, stated that high US inflation, hawkish comments from Fed officials, and increasing US inventories are all limiting the growth of crude oil prices.