International benchmark Brent crude rose 3.4 percent to as high as $74.85 per barrel on Wednesday, after closing Tuesday at $77.42 a barrel.
After ending Tuesday at $69.06 a barrel, American benchmark West Texas Intermediate climbed 3.3 percent to as much as $71.34 per barrel on Wednesday.
The U.S.' sanctions on Iran will take full effect from Nov. 4 onwards, which is expected to lower the level of foreign investment into the country's energy sector, as well as its oil production and exports.
Although Saudi Arabia said Wednesday that it would help stabilize global oil markets in order to support oil prices, investors maintained their strong buying position in the market.
"I would like to confirm our commitment to oil market stability for the benefit of producers & consumers, #Saudi will work closely with major OPEC, non-OPEC producers & with key consumers to mitigate the effects of any supply shortages," Saudi Energy Minister Khalid Al-Falih wrote Wednesday in his Twitter account.
"I am in close contact with #OPEC ’s Presidency, #Russia and the #US, and will be connecting with other producers and major consumers over the next few days to ensure market stability," he added.
(Anadolu Agency)