These companies are working in collaboration with Dubai Land Department to offer free services to areas affected by the storm
"This does bring a lot more uncertainty in terms of global supplies," said Olivier Jakob, analyst at Petromatrix. "It is a bullish surprise for the market."
Brent crude, the global benchmark, rose as much as 3.3 percent to $74.31 a barrel, the highest since Nov. 1. It was up $1.94 at $73.91 at 0847 GMT.
US West Texas Intermediate crude climbed by as much as 2.9 per cent to $65.87, the highest since Oct. 31, and was last up $1.51 at $65.51.
Washington, however, granted waivers to Iran's eight main buyers - China, India, Japan, South Korea, Taiwan, Turkey, Italy and Greece - that allowed them to continue making limited purchases for six months.
US Secretary of State Mike Pompeo is due make an announcement on Monday, the Washington Post said.
An end to the exemptions would hit Asian buyers hardest. Iran's biggest oil customers are China and India, both of which have been lobbying for an extension to the sanction waivers.
These companies are working in collaboration with Dubai Land Department to offer free services to areas affected by the storm
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