Oil rises as U.S. sanctions on Iran stir supply worries | Reuters

Oil rises as U.S. sanctions on Iran stir supply worries | Reuters:

Oil prices rose on Tuesday after U.S. sanctions on Iranian goods went into effect, intensifying concerns that sanctions on Iranian oil, expected in November, could cause supply shortages. 

Renewed U.S. sanctions against OPEC member Iran officially went into effect at 12:01 a.m. EDT. The sanctions did not include Iran’s oil exports. The country exported almost 3 million barrels per day (bpd) of crude in July.

The sanctions target Iran’s U.S. dollar purchases, metals trading, coal, industrial software and its auto sector.