Oil Extends Rally on Prospect of More Russia Sanctions

An employee holds a sample of crude oil at the Yarakta oilfield, owned by Irkutsk Oil Co., in the Irkutsk region, Russia, on March 11, 2019. Vasily Fedosenko/Reuters

LONDON—Oil prices rose on Tuesday as the United States and Europe planned new sanctions to punish Russia over alleged war crimes in Ukraine, raising concerns over tighter global supply, while Iran’s nuclear talks with world powers stalled.

Brent crude was up $1.17, or 1.1 percent, to $108.70 a barrel at 0952 GMT. U.S. West Texas Intermediate was up $1.15, or 1.1 percent, at $104.43.