Oil rises after US issues new Iran-related sanctions

Brent crude futures settled up US$1.22, or 1.72%, at US$72 a barrel. The US West Texas Intermediate May contract settled up US$1.16, or 1.73% at US$68.07.

HOUSTON: Oil prices rose on Thursday after the United States issued new Iran-related sanctions and renewed tensions in the Middle East countered strength in the dollar.

Brent crude futures settled up US$1.22, or 1.72%, at US$72 a barrel.