Oil futures split two ways on Monday, with U.S. prices ending higher but global benchmark Brent crude posting a loss as the U.S. announced new sanctions on Iran.
President Donald Trump on Monday signed an executive order imposing financial sanctions on Iranian leaders, according to pool reports from the White House.
In Monday dealings, August West Texas Intermediate crude climbed by 47 cents, or 0.8%, to settle at $57.90 a barrel on the New York Mercantile Exchange. That was the highest front-month contract finish since May 29, according to Dow Jones Market Data. Prices rose 8.8% for last week, the biggest weekly percentage climb since the week ended Dec. 2, 2016.
Meanwhile, international benchmark August Brent crude ended down 34 cents, or 0.5%, at $64.86 a barrel on ICE Futures Europe. The contract wrapped trading Friday at $65.20 — the highest since May 30.
The Trump administration has turned up the economic pressure on Tehran since Trump pulled the U.S. out of the 2015 nuclear deal in May 2018, hoping to drive Iran to accept a tougher agreement that would end uranium enrichment and curb its regional ambitions. The U.S. is seeking ultimately to drive the Islamic Republic's oil exports to zero to prompt the nuclear concessions.
Source : MarketWatch