Oil Prices Rising On Renewed U.S. Sanctions On Iran

(Undated) — Oil prices are inching up as the U.S. renews sanctions on Iran’s oil exports.

International benchmark Brent crude is up 13 cents a barrel, to $73.88.

West Texas Intermediate crude is up a penny, to $69.02 a barrel.

Iran shipped out nearly three-million barrels a day in July.

The U.S. sanctions that kicked in just after midnight Eastern Time are expected to cut a significant portion of that oil from the global supply and lead to higher prices.