The fall in income comes amid renewed speculation the company was preparing for its much-delayed overseas stock listing.

Tensions spiked between Iran and the West after Iranian commandos seized a British-flagged oil tanker in the Gulf.

Brent crude futures for September fell 21 cents to USD 66.51 a barrel.

Oil companies in the Gulf of Mexico had cut more than 1 million barrels per day (bpd) of output.

Reduction in Aviation Turbine Fuel rates will bring relief to cash strapped airlines.

OPEC+ members agreed to curb oil output by 1.2 million barrels per day from January 1.

West Texas Intermediate crude was up 70 cents, or 1.2 per cent, at USD 58.13 a barrel.

Global oil prices rose sharply on fears of a US military attack on Iran that would disrupt flows from the Middle East.

The rise in oil prices - jumping as much as 4.5 per cent before pulling back somewhat - boosted shares of energy companies.