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Oil prices extend gains after US sanctions against Iran

Xinhua | Updated: 2018-08-08 04:45

NEW YORK - Oil prices kept rising on Tuesday as traders continued to assess the impacts of the United States' sanctions against Iran.

The White House said in a statement Monday that the United States will reactivate a slew of sanctions on Iran's financial and industrial sectors beginning on Tuesday.

The action, followed by another set of sanctions scheduled for November, will bring US sanctions against Iran to the level on par with those prior to a major multilateral nuclear deal reached in 2015.

Some analysts said that global crude supply losses could range from 600,000 to 1.5 million barrels per day due to the re-imposition of US sanctions on Iran.

A weaker US dollar also made the greenback-priced commodity more attractive for holders of other currencies. The dollar index, which measures the greenback against six major peers, fell 0.15 percent to 95.217 at 3:00 p.m. (2000 GMT).

The West Texas Intermediate for September delivery rose 0.16 US dollar to settle at 69.17 dollars a barrel on the New York Mercantile Exchange, while Brent crude for October delivery added 0.90 dollar to 74.65 dollars a barrel on the London ICE Futures Exchange.

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