Oil rises for sanctions against Iran

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Oil prices rose on concerns that US sanctions on Iran would block a large amount of crude from world markets at a time of rising demand.
US crude has gained more than 8 percent over the week, while Brent crude has risen more than 5 percent.

“Everyone is now focused on the issue of untapped energy and the future,” said Tamar Esner, chief energy analyst at NASDAQ. She added that market attention has shifted to a series of hiatus after weeks of oversupply by OPEC and other major producers.

US crude rose 70 cents a barrel to settle at $ 74.15 a barrel, heading for a weekly gain of 8.2 percent. The highest price for the session $ 74.43 is the highest since November 26, 2014.

Brent crude was up $ 1.59 at $ 79.44 a barrel.

The US government hopes to compensate other top oil producers in the Organization of the Petroleum Exporting Countries and Russia, the loss of Iranian crude.

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