Oil prices increase in response to Trump's sanctions on Iran

World oil prices increased on the background of the expansion of the US sanctions against Iran.

As of 08:18 (MSK) the crude oil futures of WTI rose 0.35%, reaching $54.02. The price of a barrel of Brent crude rose by 0.35%% to $57.01 per barrel.

At the same time, the rise in US drilling activity constrains the growing oil prices.

US Treasury Department imposed sanctions on 12 entities, as well as 13 individuals under US Iran sanctions Authority, according to the Office of Foreign Assets Control (OFAC) statement. Some of the sanctioned entities are based in UAE, Lebanon and China.