Oil prices rose on Tuesday amid fears that tensions between Iran and the West may intensify, with US lawmakers considering more sanctions on Tehran.
These sanctions would single out Iran’s national oil and shipping companies and restrict their ability to tap into electronic banking services.
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Brent crude rose 21 cents to $111.19 a barrel, while US crude gained 16 cents to $98.64 a barrel, reports Reuters.
Oil prices were also influenced by China’s official purchasing managers index, which showed the manufacturing sector expanding slightly in January.
