Crude oil futures ended sharply higher on Monday on concerns about possible supply shortage due to the latest sanctions by U.S. on Iran's crude exports. Aiming to build up pressure on Tehran, the U.S. Secretary slapped sanctions on Iran, targeting individuals and tankers involved in transporting several millions of barrels of Iranian crude every year to China. However, worries about global economic growth amid potential tariffs on steel and aluminium by the Trump administration limited the upside in oil prices a bit.
Benchmark crude oil futures for March rose $1.32 or 1.85 percent to settle at $72.32 a barrel on the New York Mercantile Exchange. Brent crude for April delivery surged $1.21 or 1.62 percent to settle at $75.87 a barrel on London's Intercontinental Exchange.