Oil settles up on new Iran sanctions, equities rally

Brent crude futures rose US$1.18, or 1.8%, to settle at US$67.44 per barrel. The US West Texas Intermediate crude contract for May gained US$1.23, or 2%, to close at US$64.32.

NEW YORK: Oil prices settled more than US$1 per barrel higher on Tuesday as new US sanctions against Iran and rising equity markets helped spark a recovery rally from the prior session's steep selloff.

Brent crude futures rose US$1.18, or 1.8%, to settle at US$67.44 per barrel. The US West Texas Intermediate crude contract for May, which expired on Tuesday's settlement, gained US$1.23, or 2%, to close at US$64.32.