Iran could increase production to levels before the sanctions, he said, without giving an estimate of current output.

Brent climbed $1.9, or 1.7%, to $116.99, WTI rose $1.8, or 1.6%, to $111.36 a barrel.

The European Commission will next month present a plan for EU countries to coordinate their preparations for further gas shocks, as Russia has already cut or reduced supplies to 12 of the bloc's 27 member states.

The EU’s gas supply situation could worsen if Russia halts gas flows to the region in the coming weeks, Energy Commissioner Kadri Simson said Monday.

In 2020, the EU sourced 19% of its gas imports from Norway, compared to 39% from Russia.

South Korea’s new president, Yoon Suk-yeol, said on 22 June that in order to rebuild the nuclear industry that was “devastated by the previous administration”, the government will allocate KRW92.5 billion ($70 million) from the energy budget for the restoration of nuclear power generation capacity.

Romanian company Nuclearelectrica and NuScale will cooperate with the US Trade and Development Agency (USTDA) on a series of engineering and design activities and studies, as well further technical analyses of the Doicești site, a former thermal power plant site which has been identified as a potential location for the SMR plant.

US Energy Information Administration reports a capacity factor of 25% for solar generation.

As energy is of national importance, a national policy, national rules and regulations are necessary. At the same time, we are facing massive changes in the energy sector.

Brent edged down 8 cents to $113.04 a barrel , WTI was at $107.38 a barrel, down 24 cents.