The North Sea crude oil, a European benchmark, closed the session on the International Exchange trading $1.18 higher than the $66.26 with which it ended transactions on Monday.
The rise was primarily driven by the new sanctions announced by the United States against Iran. These measures targeted specifically the gas magnate Seyed Asadoollah Emamjomeh and his business network, valued at hundreds of millions of dollars, as stated by the U.S. Department of the Treasury today.
These sanctions were announced amidst ongoing discussions between Washington and Tehran regarding Iran’s nuclear program. Delegations from both nations met in Rome over the past weekend as part of these negotiations.
Another factor contributing to the increase was the stock markets, which today showed a recovery trend following the slump caused by Donald Trump’s remarks criticizing Federal Reserve Chairman Jerome Powell. This event triggered a depreciation of the dollar, bringing it to a three-year low.
