WASHINGTON (dpa-AFX) - Oil prices held at a 2019 high above $69 a barrel on Tuesday after a U.S. official said Washington is considering more sanctions on Iran.
Benchmark Brent crude rose half a percent to $69.32 a barrel, after having hit as high as $69.50, the highest level since mid-November.
U.S. crude futures were up 0.95 percent at $62.16, rising above the $62 level for the first time since early November.
Media reports quoted a senior Trump administration official as saying on Monday that the U.S. may impose additional sanctions against Iran targeting areas of its economy that haven't been hit before.
In another development, a key crude terminal in Venezuela halted operations again, due to a lack of electricity supply.
Analysts say that the prospect of more sanctions as well as further Venezuelan disruptions could deepen an OPEC-led supply cut that took effect in January.
Upbeat manufacturing surveys from the U.S. and China also helped ease recent worries that a global economic slowdown could weaken oil demand.
Investors await this week's reports on U.S. supplies for further direction.
Copyright RTT News/dpa-AFX
© 2019 AFX News
