Oil climbs after fresh Iran sanctions

Three things are driving oil prices today:

1. The turnaround in risk sentiment is leading to some bids
2. A WSJ report saying the Trump admin is weighing allowing Chevron to continue operating in Venezuela
3. A breaking announcement of fresh Iran sanctions

The Iran sanctions are on a Chinese teapot refinery and its CEO.

"Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) is designating a “teapot” oil refinery and its chief executive officer for purchasing and refining hundreds of millions of dollars’ worth of Iranian crude oil, including from vessels linked to the Foreign Terrorist Organization, Ansarallah, commonly known as the Houthis, and the Iranian Ministry of Defense of Armed Forces Logistics"

WTI crude is now up $1 per barrel on the day to $68.08.