WASHINGTON (dpa-AFX) - Oil prices climbed higher on Thursday after the U.S. slapped fresh sanctions on Iran. The recent data from the Energy Information Administration showing a drop in gasoline stockpiles last week continued to support oil prices.
West Texas Intermediate Crude oil futures for April closed higher by $1.10 or about 1.6% at $68.26 a barrel on the expiration day.
WTI crude futures for May ended higher by $1.16 or 1.73% at $68.07 a barrel.
Brent crude futures settled at $72.00 a barrel, gaining $1.22 or about 1.7%.
The U.S. issued fresh sanctions on Iran, targeting entities including a Chinese 'teapot', or independent refinery, and vessels that supplied crude oil to such processing plants. Teapot refiners are private Chinese refineries that are the primary purchasers of Iranian oil.
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