Oil prices climb ahead of U.S. sanctions on Iran | Reuters

Oil prices climb ahead of U.S. sanctions on Iran | Reuters:

Oil prices rose on Tuesday as U.S. sanctions squeezed Iranian crude exports, tightening global supply despite efforts by Washington to get other producers to increase output.

Benchmark Brent crude oil LCOc1 was up 50 cents at $77.87 a barrel by 0750 GMT. U.S. light crude CLc1 was 15 cents higher at $67.69.

“The path of least resistance for oil prices, given the supply fundamentals, remains up,” Harry Tchilinguirian, oil strategist at BNP Paribas, told Reuters Global Oil Forum.