New york: Oil prices rose on Tuesday, after falling more than 2 percent at the previous session’s settlement, as investors assessed the impact of new US sanctions targeting Iran. Brent crude futures increased by 27 cents, or 0.3 percent, to reach $92.44 a barrel, while US West Texas Intermediate crude gained 37 cents, or 0.4 percent, moving to $85.38 a barrel.

According to National Iraqi News Agency, both crude contracts experienced a decline at Monday’s settlement, with US crude hitting a one-week low amid profit-taking following a price rally over the past two weeks. The US Energy Department reported that crude oil inventories in the US Strategic Petroleum Reserve fell by approximately 3.7 million barrels to 289.7 million barrels last week, marking the lowest level since November 1982.