Speculators and hedge funds too were active in the market, making most of the volatility.
Brent crude LCOc1 futures gained 9 cents to $84.67 a barrel.
However, some analysts doubt that 12 million barrels a day can be reached quickly, or maintained for an extended period.
Salman said a coalition of producers from OPEC has recently boosted output by 1.5 million barrels a day, which is double the 700,000-barrel decline in output experienced so far by Iran under the threat of US sanctions on its oil sector, which are due to take effect on November 5. Since the ICJ ordered sanctions revoked, Boeing should be able to move forward with deliveries to Iran Air, which were set to begin earlier this year. Iran says it has abided by the 2015 nuclear deal, which was struck with five other world powers, besides the United States.
Brent crude traded at around $85.30 on Wednesday, up around 0.6 percent, while U.S. West Texas Intermediate (WTI) stood at around $75.55, more than 0.4 percent higher. "The decision proved once again that the Islamic Republic is right and the U.S. sanctions against people and citizens of our country are illegal and cruel".
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Brigety, a former USA ambassador to the African Union and now dean of George Washington University's school of worldwide affairs. Mrs Trump also took a brief safari as she learns more about steps the East African nation is taking to conserve wildlife.
"Saudi Arabia's effort to ramp up production seems to be only enough to mitigate the effect of lower supply from Iran and Venezuela, but not fully replace it", said Jens Naervig Pedersen, senior analyst at Danske Bank A/S in Copenhagen. The bulk of spare capacity is held by Saudi Arabia. Saudi Arabia at present produces 10.7 million barrels per day. The total U.S. stockpiles of crude and petroleum products climbed to 1.25 billion barrels, the highest level in 10 months.
India will buy 9 million barrels of Iranian oil in November, an industry source told Reuters, indicating that the world's third biggest oil importer would continue to buy crude from the Islamic republic despite US sanctions coming into force on Nov. 4.
Iran's crude exports to China also increased by 29,000 bpd to 620,000 bpd, according to Kpler, as China cut its USA purchases amid an ongoing trade spat with the United States.
India, however, wants to keep importing oil from Iran, because Tehran offers discounts and incentives for them at a time when the Indian government is struggling with higher oil prices and a weakening local currency.
Just hours after the ICJ verdict, U.S. Secretary of State Mike Pompeo announced that the U.S. was quitting the Treaty of Amity with Iran. As per the data from Kpler, India purchased 84,000 barrels per day from the U.S. in September and it was 75 per cent down from a record high of 347,000 billion per day in June.