"If a fulsome framework can be crafted in the coming weeks, significant quantities of Iranian oil will likely hit the market in H2 2021," RBC Capital analyst Helima Croft said in a note this week.
Brent crude futures rose $1.12, or 2.2%, to settle at $51.20 a barrel, while U.S. West Texas Intermediate (WTI) crude futures rose $1.1, or 2.3%, to settle at $48.12 a barrel.
U.S. West Texas Intermediate (WTI) crude futures slipped 14 cents or 0.29pc, to $48.22 a barrel at 0757 GMT, while Brent crude futures fell 20 cents, or 0.39pc, to $51.30.