Futures in NY gained 0.6 per cent. Ministers from the Organization of Petroleum Exporting Countries gathering in Abu Dhabi this weekend will discuss options for 2019 including the scenario of supply curbs, delegates said.
Russia, Turkey, India, Iraq, Qatar, China and others have been actively making steps to switch to national currencies in settlements in order to bypass Washington's pressure.
Afghanistan's imports of Iranian petroleum products were also being exempted from sanctions, the spokesperson added.
But there was no clarity or response to whether if USA was considering waiver for Chabahar and the International North-South Trade Corridor (INSTC). India has committed $500 million to the project and $2 billion to build a railway line from Chabahar to Hajigaj in Afghanistan.
The United States said on Tuesday it would exempt Iran's India-backed port of Chabahar from new sanctions, recognising the value of the project to Afghanistan.
In the USA, the American Petroleum Institute (API) reported a crude oil inventory build of 7.83 million barrels for the week-ending November 2.
Rick Rossow of the Center for Strategic and International Studies said: "Chabahar's role to transport key logistics to Afghanistan will continue to grow over time". Sources tell India Today that both countries were engaged with the Trump administration to impress upon them the importance of circumventing Pakistan and making Islamabad irrelevant to Afghanistan's growth story.
Adding that while the "exception" has been granted after much deliberation, the strategic importance of these projects can not be ignored. "These activities are vital for the ongoing support of Afghanistan's growth and humanitarian relief", said the US State Department Spokesperson. "Where Chabahar is critical to India's access to and assistance towards ensuring a stable Afghanistan, India's energy needs require a basket of energy suppliers", Pande said.
This comes as a huge diplomatic victory for India. However, he did not give more details.
The decision by the Trump administration, which a day earlier imposed the toughest ever sanctions on Iran and is very restrictive in giving exemptions, is a seen as a recognition by Washington of India's major role in the development of the port on the Gulf of Oman, which is of huge strategic importance for the reconstruction of war-torn Afghanistan.