Increase in global oil prices due to sanctions against Iran

According to Energy Press, the global oil market saw a price increase last week, after three consecutive weeks of declines, driven by political developments and supply constraints. New US sanctions on Iranian oil exports, as well as further supply cuts by OPEC producers, are among the most important factors boosting the market in recent days.
At the end of a week that was shorter than usual due to the trading holidays, the price of a barrel of West Texas Intermediate (WTI) oil rose 5.18 percent to $64.01. Brent oil also experienced a similar increase, and both indices moved away from the lowest levels in recent weeks.
New Sanctions; Repeat of Maximum Pressure Policy

The announcement of a new round of US oil sanctions against Iran was the most important development of the week in energy markets. The US Treasury Department has imposed a series of sanctions on an independent Chinese refinery (so-called “Tea Pot”) aimed at reducing Iran’s oil revenues, amid signs in recent weeks of an increase in unofficial Iranian oil exports.