Oil price rise in response to new US sanctions on Iran

Oil prices jump in response to new US sanctions on Iran: US crude shot up to USD 53.83 per barrel after the Trump administration imposed further sanctions on Tehran this past Friday, CNBC reports. The sanctions bar 12 entities and 13 individuals from accessing the US financial market and is seen as an initial reaction to Iran’s ballistic missile program and support for Houthi militia in Yemen, a senior US official said. Oil prices are likely to continue climbing in light of these sanctions, particularly after OPEC’s decision to cut oil production came into effect last month, the broadcaster suggests.