Oil settles up on US sanctions targeting Iranian oil

Brent crude settled up 99 cents, or 1.45%, at US$69.14 a barrel. US West Texas Intermediate crude settled at US$65.59 a barrel, US$1.58 or 2.47% higher.

HOUSTON: Oil prices settled up more than 1% a barrel on Tuesday after the US imposed sanctions targeting Iran's oil revenue stream, and ahead of an Opec+ meeting on Sunday where analysts expect the group will not unwind remaining voluntary cuts.

Brent crude settled up 99 cents, or 1.45%, at US$69.14 a barrel.