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Oil fell more than 3% earlier in the session as the U.S. relies on economic pressure against Iran rather than military strikes.
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The order came amid a spate of legal challenges, including one by Democratic state attorneys general, that could still result in the rules being blocked.
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Two men have been arrested on suspicion of murder over the fire in Middlesborough, police say.
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Nearly 100 people are dead, and many more are missing, after an avalanche of ice and rock blocked a Himalayan river valley, triggering massive flash floods in Nepal.
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Iran and Oman said they would create a temporary shipping lane and clear mines in the waterway. Global oil prices eased after the joint announcement.
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The cost of the fuel, used in farm machinery, trucks and other heavy equipment, has surged because of the war in Iran and Ukrainian attacks on Russian refineries.
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;Resize=(620)) Top executives at the Bank of Montreal and Scotiabank separately referred to the Canada-U.S. trade situation as "manageable" on Tuesday.
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