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Oil rises as supply uncertainty continues
Shafaq News/ Oil futures rose in early trading on Tuesday, as the prospect of more sanctions in the wake of alleged war crimes committed by Russian forces in Ukraine raised concerns about supply disruptions, while Iran's nuclear talks faltered.
Brent crude futures rose $1.58, or 1.5 percent, to $109.11 a barrel, while US crude futures rose $1.61, or 1.6 percent, to $104.89 a barrel at 04:28 GMT.
Futures settled more than 3% on Monday due to the threat of more sanctions against Russia, and after a pause in Vienna over talks to revive the Iran nuclear deal, which could put more Iranian barrels on the market, Iran accused the United States of halting the talks.
German Chancellor Olaf Schulz said the Western allies would agree to more sanctions against Moscow in the coming days.
French President Emmanuel Macron also suggested sanctions on oil and coal, adding that there was "very clear evidence pointing to war crimes" by Russian forces.
Crude oil fell about 13% last week after President Joe Biden announced a record release of US oil reserves.
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Brent crude futures rose $1.58, or 1.5 percent, to $109.11 a barrel, while US crude futures rose $1.61, or 1.6 percent, to $104.89 a barrel at 04:28 GMT.
Futures settled more than 3% on Monday due to the threat of more sanctions against Russia, and after a pause in Vienna over talks to revive the Iran nuclear deal, which could put more Iranian barrels on the market, Iran accused the United States of halting the talks.
German Chancellor Olaf Schulz said the Western allies would agree to more sanctions against Moscow in the coming days.
French President Emmanuel Macron also suggested sanctions on oil and coal, adding that there was "very clear evidence pointing to war crimes" by Russian forces.
Crude oil fell about 13% last week after President Joe Biden announced a record release of US oil reserves.
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