Oil climbed to the highest settlement price in almost six months as Saudi Arabia was said to be tentative about raising output to mute the impacts of American sanctions against Iran, one of OPEC\u2019s largest producers. Brent crude futures climbed 0.6 percent on Tuesday, a day after the U.S. pledged to drive Iranian oil exports to \u201czero.\u201d The Saudis are holding off on any significant supply shifts until they see actual declines in Iranian output, according to people familiar with policy deliberations in Riyadh. U.S. oil also surged but gave up some of the gain in after-hours trading following an industry report said to show growing U.S. crude inventories. Oil surged on Monday after the U.S. said it wouldn\u2019t extend waivers that had allowed China, India and six other countries to continue buying 1.4 million barrels a day from Iran. While Saudi Arabia pledged to help keep global markets adequately supplied, the cutoff would come as OPEC production cuts and unrest in Venezuela and Libya are already tightening supplies. \u201cIt\u2019s been made clear that Trump is very serious about enforcement of the sanctions,\u201d said Tyler Richey, co-editor at Sevens Report Research in Palm Beach Gardens, Florida. \u201cThe question is how much will their exports fall versus how much and how quickly can Saudi Arabia and other producers increase?\u201d A senior Iranian military official said the Islamic Republic is prepared to shut the Strait of Hormuz, the critical Persian Gulf chokepoint, according to the state-run Fars news agency. American pressure on Iran\u2019s exports won\u2019t work, Iranian Oil Minister Bijan Namdar Zanganeh told his parliament. \u201cWe will act wholeheartedly to break the U.S. sanctions,\u201d he said. Brent for June settlement rose 47 cents to $74.51 a barrel at the close of trading on London\u2019s ICE Futures Europe exchange. The contract was at a premium of $8.22 to U.S. West Texas Intermediate. WTI for June delivery gained 75 cents to close at $66.30 on the New York Mercantile Exchange, reaching the highest close since late October. The benchmark U.S. contract retreated to $66.17 at 4:49 p.m. in New York, after the industry-funded American Petroleum Institute was said to find crude stockpiles rose by 6.9 million barrels last week. That would be far above the 1 million barrel increase forecast in a Bloomberg survey, if confirmed by official government figures on Wednesday. Although the Trump administration had already stated its desire to impede Iranian exports, the halt was more sudden than anticipated, Goldman Sachs Group Inc. said. Iran\u2019s shipments could be slashed by as much as 60 percent to 500,000 barrels a day, said Helima Croft, chief commodities strategist at RBC Capital Markets LLC in New York. The Saudis and the U.A.E. can boost their combined output by about 1.5 million barrels a day within a short period, according to other people familiar with the matter. Nonetheless, \u201cthe Saudi response was extremely non-committal,\u201d Amrita Sen, chief oil analyst at consultant Energy Aspects Ltd., said in a Bloomberg Television interview. The kingdom will move cautiously, having bolstered production last year when the U.S. similarly pledged to halt Iranian flows, only to backpedal at the last minute, she said. Other oil-market news: Gasoline futures rose 0.1 percent to $2.1316 a gallon. Murphy Oil Corp. agreed to acquire more deepwater Gulf of Mexico assets for about $1.38 billion as the U.S. company continues to refocus on production closer to home. Nigeria\u2019s Bonny crude pipeline was sabotaged by fire over the weekend, operator Aiteo said.