At a ceremony in Riyadh, Putin and his host, Saudi King Salman, penned a string of multi-million-dollar investment contracts targeting the aerospace, culture, health, advanced technology and agriculture sectors.
The National Iranian Tanker Company, which owns the ship, said the hull of the Sabiti suffered two separate explosions off the Saudi coast, adding they were "probably caused by missile strikes".
International benchmark Brent crude futures were at $59.26 a barrel by 0251 GMT, up 16 cents, or 0.3%, from their previous settlement. Brent settled up 1.3% at $59.10 a barrel on Thursday.
Oil prices have failed to gain a lasting boost from supply disruptions this year, including the attack last month on Saudi Arabian oil installations that briefly shut down more than half of production in the world's top exporter.
Negotiators from the United States and China, the world's top two economies, will meet in Washington on Thursday in the latest effort to hammer out a deal aimed at ending a long-running trade dispute that has slowed global growth.
Output at the world's two largest producers, the United States and Russia, also fell in July and September respectively.
Oil surged on Monday to almost $72 a barrel, posting its biggest intra-day percentage gain since the Gulf War in 1991, after an attack on Saturday shut more than 5 million barrels per day (bpd) of output, or over 5% of global supply.
Oil prices have risen more than 7% this month, supported by declines in global inventories and signs of an easing in trade tensions between the United States and China, the world's two largest economies and energy consumers.
The weaker outlook amid a US-China trade dispute and Brexit could press the case for the Organization of the Petroleum Exporting Countries and allies including Russia to maintain or adjust their policy of cutting output.
Decisions over output policy are group decisions and Iraq does not want to decide on its own, Thamir Ghadhban said, adding that he was meeting with the Saudi and Russian energy ministers later on September 11.
Brent reached its highest level since August 1, while US crude rose to its highest since July 31.
Here is a roundup of all the key happenings in the commodities market.
Morgan Stanley foresees Brent oil prices would be at $60 per barrel for the rest of the year against an earlier forecast of $65
US crude inventories fell by 2.7 million barrels last week, more than analysts expected. Still, the US Energy Information Administration also said gasoline and distillate inventories rose.
OPEC's efforts have been undermined by worries about the economy , as well as rising US stockpiles of crude and higher output of US shale oil.
In a monthly report, the Organization of the Petroleum Exporting Countries cut its forecast for oil demand growth in 2019 by 40,000 barrels per day (bpd) and indicated the market will be in slight surplus in 2020.
An inverted Treasury yield curve is historically a reliable predictor of looming recessions.
Lower price of the Indian crude basket not only helps the Union government to prune its current account deficit and save on precious foreign exchange reserves, but it also provides an opportunity to the ruling administration to cash in on the situation and try and take measures to insulate the economy from future oil shocks.
Oil prices rose after Euroilstock data showed total crude and product inventories of 16 European nations in July were slightly lower than in June.
Asked about OPEC's position on prices, Ghadhban said that the general view was that $70 per barrel or higher was acceptable, adding that the producer group is seeking prices that are fair to consumers and producers alike.
Oil prices are being pressured by worries about demand as the US-China trade war, heading into its second year, dampens prospects for global economic growth, which affects oil demand.
Trump is putting unprecedented pressure on OPEC and its de-facto leader Saudi Arabia, demanding they pump more crude to drive down fuel prices - a key domestic issue for him as he seeks re-election next year.
The Organization of the Petroleum Exporting Countries along with other top producers, including Russia, agreed on July 2 to extend oil supply cuts until March 2020 as members overcame differences to try to prop up prices.
Here is a roundup of all the key happenings from the commodities market
The OPEC cartel and its oil-producer nation allies opted in December to trim daily crude output by 1.2 million barrels.