Oil prices settled higher on Monday as fresh U.S. sanctions on Iran and a commitment to compensate for overproduction by Iraq added to concerns of near-term supply tightness, helping the market recover some of Friday's steep losses.

Such sanctions target key sectors of Iran's economy with the aim of denying the government funds for its nuclear and missile programs. The move generally prohibits any U.S. indivi

The Trump administration announced new sanctions aimed at Iran‘s “shadow fleet” of oil tankers that it said are used to fund destabilizing activities around the world. The sanctions, imposed Monday by the Treasury Department’s Office of Foreign Assets Control and the State Department,