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.

The Trump administration’s math on Middle Eastern energy supplies just doesn’t add up. The law of supply and demand is the most basic insight in economics. When there's more of a good available for sale than people who want to buy it,

Oil futures finished higher on Monday, with prices finding support after a nearly 3% decline Friday, as the U.S. imposed fresh sanctions on Iran, impacting its crude sector.

Oil prices rose for a second day on Tuesday as the U.S. imposed fresh sanctions on Middle Eastern producer Iran that increased concerns supply might tighten. Brent crude futures rose 38 cents, or 0.51%,