WASHINGTON (dpa-AFX) - Oil prices climbed higher on Monday as fresh sanctions by the U.S. Treasury on Iran raised possibility of a drop in global supplies.
Recent data showing a jump in U.S. crude inventories and concerns about the outlook for demand limited oil's upside.
According to a report from Reuters, the Trump administration is piling pressure on Iraq to allow Kurdish oil exports to restart or face sanctions alongside Iran.
Weaker-than-expected U.S. economic data released on Friday and ongoing talks to end the war between Russia and Ukraine kept oil prices under pressure.
Officials from Russia and the U.S. are expected to meet again this week and a potential peace agreement would help lift U.S. sanctions on Russia and improve crude oil supply from the region.
West Texas Intermediate Crude oil futures for April settled higher by $0.30 at $70.70 a barrel.
Brent crude futures were up $0.30 or 0.41% at 74.35 a barrel a little while ago.
The Treasury Department announced that the U.S. administration has imposed sanctions on more than 30 people and vessels for selling and transporting Iranian petroleum-related products as part of the country's'shadow fleet.
The latest sanctions target tanker operators and managers in India and China, oil brokers in the United Arab Emirates (UAE) and Hong Kong and the head of Iran's National Iranian Oil Company.
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