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Oil Extends Gains As Markets Await New Sanctions Against Russia

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Oil prices rose on Tuesday to extend gains from the previous session as the European Union and the United States mull further sanctions against Russia, raising concerns over tighter global supply.

Benchmark Brent crude futures rose 0.3 percent to $107.89 a barrel, while U.S. West Texas Intermediate crude futures were up 0.6 percent at $103.97.

Calling Russian President Vladimir Putin a war criminal, U.S. President Joe Biden on Monday said he is seeking additional sanctions on Russia.

“This guy is brutal, and what’s happening in Bucha is outrageous, and everyone’s seen it,” Biden said in brief remarks to reporters.

New U.S. sanctions against Moscow would be announced this week. The 27-member EU is under pressure to extend sanctions to Russia’s oil and coal sectors for what appear to be war crimes in Ukraine.

Meanwhile, the United States and Iran blamed each other for a weeks-long impasse that has held up a return to the 2015 deal that sought to prevent Tehran from developing nuclear weapons.

“We will not be going to Vienna for new negotiations but to finalize the nuclear agreement,” Iranian foreign ministry spokesman Saeed Khatibzadeh told reporters in Tehran on Monday.

The United States still believes there is an opportunity to overcome the remaining differences with Iran in talks over its nuclear program, State Department spokesman Ned Price said.

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