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Oil rises amid fears Iran's exports will drop due to sanctions
Oil prices rose at the end of Monday, buoyed by fears that a fall in Iran's output would cut supply in the market after US sanctions were imposed in November but gains were limited by increased supplies from OPEC and the United States.
By 1854 GMT, London Brent crude was up 37 cents at $ 78.01 a barrel.West Texas Intermediate crude rose 30 cents to $ 70.10 a barrel.
The benchmark crude rose sharply over the past two weeks as Brent rallied more than 10 percent on expectations of a global supply contraction later this year.
Markets were thin as the US Labor Day holiday.
US sanctions already limit Iranian exports
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