US crude up by $1/bbl on supply concerns after new Iran sanctions

03 August 2012 09:25  [Source: ICIS news]

SINGAPORE (ICIS)--US crude oil futures rose by more than $1/bbl in the afternoon trade on Friday amid fresh concerns about oil supplies after the US introduced new sanctions against Iran.

At 07:41 GMT, September NYMEX light sweet crude futures (WTI) were trading at $88.14/bbl, up $1.01/bbl from the previous close. The US benchmark earlier touched a session high of $88.18/bbl.

Meanwhile, September Brent crude on London’s ICE futures exchange was trading at $106.77/bbl, up cents 87 cents/bbl from the previous settlement.

The US Congress passed a bill on Wednesday that builds on and tightens existing measures that aim to punish financial institutions and firms that deal with Iran's petroleum, petrochemical or natural gas sector.

The new bill builds upon legislated sanctions introduced by the US last year that penalises financial institutions that do business with Iran’s central bank.

($1 = €0.82)

By: Nurluqman Suratman

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