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Oil Extends Gains as Dutch Minister Says Iran Sanctions Adopted

Oil extended gains after Dutch Foreign Minister Uri Rosenthal said European Union foreign ministers adopted sanctions that will ban imports of crude and oil products from Iran as of July 1.

Brent oil for March settlement gained as much as 92 cents, or 0.8 percent, to $110.78 a barrel and was at $110.66 a barrel at 10:55 a.m. on the ICE Futures Europe exchange in London.

On the New York Mercantile Exchange, West Texas Intermediate crude for March delivery was at $98.97 a barrel in electronic trading, up 64 cents, or 0.7 percent.

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