Oil prices rose on Tuesday with re-introduced U.S. sanctions against major crude exporter Iran expected to tighten global supply. Spot Brent crude oil futures were $74.17 per barrel at 0710 GMT, up 42 cents, or 0.6 percent, from their last close.
U.S. West Texas Intermediate (WTI) crude futures were up 30 cents, or 0.4 percent, at $69.31 barrel.
U.S. sanctions against Iran, which shipped out almost 3 million barrels per day (bpd) of crude in July, officially came into effect at 12:01 a.m. U.S. Eastern time (0401 GMT) on Tuesday.
“The re-imposition of U.S. sanctions on Iran remains the key (price) driver in the near-term. Supply losses could range from 600,000 to 1.5 million bpd,” ANZ said on Tuesday in a note to clients.