Oil prices rose for a second consecutive day on Tuesday as fresh US sanctions on Iran raised concerns over tighter supply, while strong global refining margins signaled steady demand for crude, Reuters reported.
Brent crude futures rose 15 cents to $74.93 a barrel by 0724 GMT. US West Texas Intermediate crude futures climbed 23 cents to $70.93 a barrel.
"In the short term, I continue to think crude oil is looking for a base. The fresh US sanctions announced on Iran overnight will likely assist with this as will the Iraqi oil minister's commitment to rein in its oversupply," Reuters quoted IG market analyst Tony Sycamore as saying.
The United States rolled out new Iran-related sanctions, the Treasury and State Departments announced on Monday, targeting companies and individuals including the head of Iran's national oil company.
The measures target over 30 brokers, tanker operators and shipping firms the treasury department accuses of facilitating the trade from which Iran derives most of its state revenue, including for regional military operations Washington opposes.
They come after President Donald Trump this month reinstated the "maximum pressure" campaign on Iran from his first term, with the stated aim of driving its oil sales to zero.
Iran, the third-largest producer in the Organization of the Petroleum Exporting Countries (OPEC), pumped 3.2 million barrels per day in January, according to a Reuters survey.
