Oil futures rose on Tuesday as tensions rose between the United States and Iran and amid expectations that OPEC producers will continue to cut supply this year.
Brent crude rose $0.33, or 0.46%, to $72.3 a barrel at 11:27 am EDT. US crude was up $0.11 or 0.17 percent, at $63.21 a barrel.
US President Donald Trump on Monday threatened Iran with “great force” if it attacked areas of US interest in the Middle East. This came after a rocket attack in the Iraqi capital Baghdad, which Washington suspects was organized by Iran linked militias.
Iran said on Tuesday it would resist US pressure by refusing further talks under the current circumstances.