Oil prices stabilized on Tuesday, after escalating turmoil in the Middle East raised concerns over exports in the market.

The president of the semi-autonomous region of Kurdistan, Masoud Barzani, said on Tuesday the Kurdish Peshmerga forces will withdraw in Iraq to their lines in 2016 before the battles that liberated Mosul from Islamic State (IS) militants.

Iraqi security forces on Monday fully recaptured the city of Kirkuk and took control of the government building after the Kurdish forces withdrew from the city, a local security source told Xinhua.

Meanwhile, U.S. President Donald Trump announced last week that he had decided to decertify Iran's compliance with the landmark deal reached in 2015.

"I am announcing today that we cannot and will not make this certification," Trump said at the White House as he unveiled a new Iran strategy of his administration.

Analysts said unrest in the Middle East and rising tension between U.S. and Iran boosted the oil prices, as traders feared geopolitical tensions could cut off oil exports from the region.

The West Texas Intermediate for November delivery ticked up 0.01 U.S. dollar to settle at 51.88 dollars a barrel on the New York Mercantile Exchange, while Brent crude for December delivery rose 0.06 dollar to close at 57.88 dollars a barrel on the London ICE Futures Exchange.