TOKYO – Brent crude futures rose 24 cents, or 0.38 percent, to $78.15 per barrel, while U.S. West Texas Intermediate (WTI) crude gained 33 cents, or 0.46 percent, to $74.19 per barrel.

The rebound followed a sharp decline of more than 3 percent on Monday after the United States granted Iran a 60-day sanctions waiver following preliminary negotiations. Market sentiment was also influenced by reports indicating that fighting in Lebanon had eased as part of a broader agreement.

Meanwhile, supply concerns continued to support prices. Data released by the U.S. Department of Energy on Monday showed that crude oil inventories in the Strategic Petroleum Reserve fell to 331.2 million barrels last week, the lowest level since June 1983. The decline reflects continued pressure on reserves following the outbreak of conflict involving the United States and Iran.