Singapore — Oil markets jumped on Monday on the concern over potential renewed US sanctions against Iran as well as conflict in Iraq, while an explosion at a US oil rig and reduced exploration activity supported prices there. Brent crude futures, the international benchmark for oil prices, were at $57.85 at 3.56am GMT, up 68c, or 1.2%, from the previous close. Traders said that worries over renewed US sanctions against Iran were pushing up prices. US President Donald Trump struck a blow against the 2015 Iran nuclear deal on Friday, defying both US allies and adversaries by refusing to formally certify that Tehran is complying with the accord even though international inspectors say it is. Under US law, the president must certify every 90 days to Congress that Iran is complying with the deal. The US Congress will now have 60 days to decide whether to reimpose economic sanctions on Tehran that were lifted under the pact. During the previous round of sanctions against Iran, about 1-mil...
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