Oil gains on supply concerns from Iran sanctions, strong refining margins
Oil prices rose for a second day on Tuesday as fresh U.S. sanctions imposed on Middle Eastern producer Iran increased concerns supply might tighten and as global refining margins remained strong.
Brent crude futures rose 38 cents, or 0.5%, to $75.16 a barrel by 0401 GMT. U.S. West Texas Intermediate crude futures gained 47 cents, or 0.7%, to $71.17 a barrel. Both contracts gained in Monday's session after a $2 drop last Friday.
The U.S. on Monday put new sanctions on more than 30 brokers, tanker operators, and shipping companies for their role in transporting Iranian oil. President Donald Trump has said he wants to bring Iran's crude exports to zero.
Iran is the third-largest producer in the Organization of the Petroleum Exporting Countries, pumping 3.2 million barrels per day in January, according to a Reuters survey of OPEC output.
Source: Reuters