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Oil prices climb on prospect of fresh Russia sanctions

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Oil futures rose in early trading today (05) as the potential for more sanctions following alleged war crimes by Russian troops in Ukraine added to concerns about supply disruptions, while Iran nuclear talks stalled.

Brent crude futures were up $1.58, or 1.5%, to $109.11 a barrel, while U.S. West Texas Intermediate futures were up $1.61, or 1.6%, to $104.89 a barrel at 0028 GMT.

Both contracts briefly jumped more than $2 a barrel after Japanese industry minister Koichi Hagiuda said the International Energy Agency (IEA) was still working out details for a planned second round of a coordinated oil releases.

Futures had settled up more than 3% on Monday on the threat of more sanctions on Russia and following a pause in Vienna on talks to revive the Iran nuclear deal, which could put more Iranian barrels into the market. Iran blamed the United States for halting the talks.

(Source: Reuters)

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Chandana Sesath Jayakody

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