Nouakchott: Oil prices rose today, recovering some ground after a sharp drop in the previous session, as cautious optimism over US-Iran talks supported the market. Brent crude futures gained 24 cents, or 0.38 percent, to $78.15 a barrel, while US West Texas Intermediate crude rose 33 cents, or 0.46 percent, to $74.19 a barrel.

According to Oman News Agency, prices had tumbled more than three percent on Monday after the United States granted Iran a 60-day sanctions waiver following preliminary talks, while officials also reported a de-escalation of fighting in Lebanon under the broader agreement.

US crude inventories in the Strategic Petroleum Reserve fell last week to 331.2 million barrels, their lowest since June 1983, as supply tightened after the US-Iran conflict, according to Energy Department data released on Monday.