Threat of New US Sanctions on Iran Push Oil Prices Up

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World oil prices are rising on Feb.3 on threat of US imposing new sanctions on Iran.
The price of April futures for Brent crude oil rose by 0.50 percent and stood at $56.84 per barrel as of 01:34 EST.
Meanwhile. the price of March futures for West Texas Intermediate (WTI) oil has increased by 0.62 percent to $53.87 per barrel.
Reuters reported Feb.2 citing sources that the administration of US President Donald Trump is preparing new sanctions on Iran and these sanctions can enter into force on Feb.3.
One source said about eight Iranian entities were to be sanctioned for terrorism-related activities and about 17 for ballistic missile-related activities under separate existing US executive orders.