Brent crude futures LCOc1 gained $1.31, or 2.2%, to $60.41 a barrel by 11:27 a.m. EDT (1527 GMT), after earlier reaching a session high of $60.65 a barrel
For the week, Brent was set to rise 7.7%, its biggest gain since January, while WTI was on track for a 7.2% increase, the most since June
Industry sources have said it may take weeks to bring production fully online
Six tankers carrying about 12 million barrels of US crude were on the way to China at the time of the announcement of new tariffs
On Iran, the US hinted that more measures are coming after imposing new sanctions, while deflecting questions about French diplomatic efforts meant to help the Persian Gulf producer restart oil sales
Oil had rallied by more than 10 per cent from a low in early August, as relations between the US and China appeared to be improving, before it started falling last Wednesday
Global benchmark Brent crude fell as much as $1.81, or 3%, to $57.67 a barrel and by 1117 GMT was down $1.57 at $57.91. U.S. crude fell $1.03 to $54.20
The fall in income, owing to lower oil prices, comes amid renewed speculation the company was preparing for its much-delayed overseas stock listing
The US-China trade dispute rocked global equity markets last week, while a surprise build in US crude stocks added downward pressure to oil prices
A prolonged trade war between the world's two largest economies has triggered worries about oil demand
Japan, India and South Korea would be some of the most vulnerable economies to a Persian Gulf war due to their heavy dependence on the region's crude
IEA's Fatih Birol also said that electric vehicles are not expected to make a dent on crude demand in India and elsewhere
Fears about weaker global demand as a result of a US-China trade spat have added to the challenges
The new tariffs are applicable from Monday
Around 60 million barrels of petroleum product move each day on the seas globally, according to the US Energy Information Administration
The Front Altair, carrying petrochemical feedstock, was on fire in waters between Gulf Arab states and Iran after an explosion that a source blamed on a magnetic mine
India has come a long way since 1990, having built a Strategic Reserve and acquired oil assets in over 25 foreign countries
Concerns that US tariffs on Mexico would dent crude demand limited gains
The node in Nikolayevka, now a crime scene, had a capacity to move as much as 40,000 tons a month, or about 1,300 tons a day
Iraq's oil minister Thamer Ghadhban said Thursday that international oil companies have said they are operating as normal in the country, Iran's direct neighbor