Brent futures reversed higher in American trade on Friday after earlier losses in Europe, amid mounting geopolitical tensions in the strait of Hormuz.
Brent rose to $73.50 a barrel as of 12:55 GMT, with a session-high at $73.72, and a low at $73.07.
Brent October futures closed up 1.1% yesterday, the first profit in three days, after marking two-week lows earlier in the session at $71.82.
Fox News reported on Thursday that Iran has started large-scale naval exercises in the strait of Hormuz, a crucial waterway through which 30% of global oil supplies flow through.
Iran has recently threatened to outright close the strait in response to US sanctions on Iranian exports, with oil exports in particular expected to take a major hit as sanctions go into effect next November.