Oil futures are higher after the
US
tightened sanctions against
Iran
,
bringing concerns over geopolitical risks over supply back to the fore.
"Interesting
it is Brent crude that is leading the way higher," says The Gartman
Letter. "As is reasonable given the importance of Iranian crude to
Europe
,
Brent rose far more sharply and far more seriously than did WTI." ICE August
Brent +$0.71, or 0.7%, at $101.78/bbl. Nymex August light, sweet crude +$0.38,
or 0.4%, at $86.46/bbl.