Oil Prices Edge Higher on Fresh US-Iran Sanctions

Oil prices edged higher on Tuesday as markets grappled with the implications of fresh U.S. sanctions against Iran, which vowed to retaliate.

The price of futures rose 0.15% to $92.31 a barrel by 21:12 ET (01:12 GMT), while West Texas Intermediate crude futures gained 0.3% to $85.28 a barrel.

The U.S. on Monday announced new sanctions against 60 entities and individuals associated with Iran, warning countries against maintaining economic ties with Tehran.

Iran signalled it was ready to retaliate, having earlier indicated that the country will further disrupt oil flows through the Middle East in response to U.S. aggression.