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The price of Brent crude oil returned above the $100 per barrel level, after recording a sharp decline during the previous session.
In morning trading in Asia, Brent crude futures rose 3.75% to $103.69 a barrel. Meanwhile, U.S. West Texas Intermediate (WTI) crude futures also rose.
Brent had lost more than 10% of its value on Monday, as signals of a delay in the escalation of the conflict in the Middle East temporarily eased concerns about global oil supplies.
However, markets remain volatile. Investors are assessing diplomatic developments following statements by Iranian authorities, who denied that talks with the United States were taking place.
Price fluctuations reflect the market's sensitivity to any geopolitical developments in the Middle East, a region that supplies a significant portion of global oil production.
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