Oil extends rally on prospect of more Russia sanctions
Oil prices rose on Tuesday as the United States and Europe planned new sanctions to punish Russia over alleged war crimes in Ukraine, raising concerns over tighter global supply, while Iran’s nuclear talks with world powers stalled.
U.S. marshals other nations, challenges OPEC+ with release of oil reserves
The administration of U.S. President Joe Biden announced on Tuesday it will release millions of barrels of oil from strategic reserves in coordination with China, India, South Korea, Japan and Britain, to try to cool prices after OPEC+ producers repeatedly ignored calls for more crude.
