New York — Oil prices rose about 1% on Tuesday after US sanctions on Iranian goods went into effect, intensifying concerns that sanctions on Iranian oil, expected in November, could cause supply shortages. Brent crude oil futures rose 89c to $74.64 a barrel by 2.18pm GMT and US West Texas Intermediate (WTI) crude futures were up 52c at $69.53 a barrel. The first US sanctions against oil cartel Opec member Iran officially came into effect at 4.01pm GMT. These sanctions did not include Iran’s oil exports. The country exported almost 3-million barrels per day (bpd) of crude in July. The re-imposed sanctions target Iran’s dollar purchases, metals trading, coal, industrial software and its automotive sector. US sanctions on Iran’s energy sector are set to be re-imposed after a 180-day "wind-down period" ending on November 4. "It is a reality check that this is happening and that Iran’s oil exports will be hurt when the oil sanctions hit it in November," chief commodities analyst at Comme...
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