Oil rises above $84 amid tighter Iran sanctions

Oil   Oil
By Alex Kennedy on July 3, 2012

SINGAPORE (AP) — Oil rose above $84 a barrel Tuesday in Asia as tighter sanctions against Iran threaten to restrict crude supplies while demand holds up despite Europe's debt crisis.

Benchmark oil for August delivery was up 39 cents at $84.14 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract fell $1.21 to close at $83.75 in New York on Monday.

In London, Brent crude for August delivery was up 28 cents at $97.62 per barrel on the ICE Futures exchange.

Tags: 
crude oil
Iran sanctions
Europe
Asia
European Union
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