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.

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