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REUTERS
September 12, 2018
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Oil climbs

Business

REUTERS
September 12, 2018

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Singapore : Oil prices rose on Tuesday amid looming U.S. sanctions against Iran´s petroleum industry, despite efforts by Washington to get other major suppliers to make up for the expected disruption.

U.S. West Texas Intermediate (WTI) crude futures were at $67.70 per barrel at 0637 GMT, up 65 cents, or 0.2 percent from their last settlement.

Brent crude futures climbed 38 cents, or 0.5 percent, to $77.75 a barrel on Tuesday.

"Markets are expecting substantial price pressure as Iran sanction loom," said Stephen Innes, head of trading for Asia-Pacific at futures brokerage OANDA in Singapore.

Washington is putting pressure on other countries to also cut Iran imports, with close allies like South Korea and Japan, but also India, showing signs of falling in line.

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