Oil prices are rising as the United States and Europe explore further sanctions against Russia

On Tuesday, oil prices rose further on rising supply fears, as the United States and its European allies considered putting further sanctions on Russia for its military assault in Ukraine, and Iran nuclear discussions appeared to have come to a halt.

Brent, the global benchmark for two-thirds of the world's oil, was 1.5 per cent higher at $109.1 per barrel at 12:55 p.m. UAE time on Tuesday, while West Texas Intermediate, a gauge ....