Commodities
Oil Advances as US Ramps Up Sanctions Against Iranian Crude
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Oil advanced after the US ramped up measures to hobble Iran’s crude exports, increasing pressure on Tehran amid a push for a new nuclear accord.
West Texas Intermediate rose 1.6% to settle above $68 a barrel for the first time in more than two weeks, while global benchmark Brent climbed to settle at $72. The US Treasury Department sanctioned a Chinese oil refinery and its chief executive officer for allegedly buying Iranian oil as well as multiple vessels allegedly linked to a “shadow fleet” of ships that carry the OPEC member’s crude.