Iran, fresh from an Organization of the Petroleum Exporting Countries (Opec) meeting where it won significant concessions from regional rival Saudi Arabia, accelerated the rejuvenation of its sanctions-ravaged energy industry yesterday when the state producer signed a new-model oil investment contract.

Crude oil extended gains after Iran said it supported a proposal by Saudi Arabia and Russia that would freeze production at near-record levels, without saying whether it would curb its own output.

The search for a grand bargain among oil producers now shifts to the Iranian capital.