WASHINGTON (dpa-AFX) - Oil prices climbed higher on Monday amid concerns about possible supply shortage due to the latest sanctions by U.S. on Iran's crude exports.
Aiming to build up pressure on Tehran, the U.S. Secretary slapped sanctions on Iran, targeting individuals and tankers involved in transporting several millions of barrels of Iranian crude every year to China.
Worries about global economic growth amid potential tariffs on steel and aluminium by the Trump administration limited the upside in oil prices a bit.
West Texas Intermediate Crude oil futures for March settled higher by $1.32 or about 1.85% at $72.32 a barrel.
Brent crude futures climbed to about $76.00 a barrel, gaining $1.35 or about 1.8%.
According to reports, U.S. President Trump is likely to sign an executive order on tariffs later today or on Tuesday. The move could increase the risk of a multi-front trade war.
Trump had said on Sunday that he would impose a 25% tariff increase on all steel and aluminium imports into the U.S. on top of existing duties and a further set of reciprocal tariffs later in the week, drawing warnings of retaliation from trade partners.
German Chancellor Olaf Scholz reportedly emphasized that the EU is prepared to respond 'within an hour' if the US imposes tariffs on European goods.
China's retaliatory tariffs on U.S. goods are set to take effect today.
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