NNA - Oil prices rose on Thursday after the United States issued new Iran-related sanctions and renewed tensions in the Middle East countered strength in the dollar.

Brent crude futures settled up $1.22, or 1.72%, at $72 a barrel.

The U.S. on Thursday issued Iran-related sanctions, targeting entities including for the first time a Chinese "teapot", or independent refinery, and vessels that supplied crude oil to such processing plants.

China is the largest importer of Iranian oil. “Teapot” refiners are private Chinese refineries that are the primary purchasers of Iranian oil.

Iran produces more than 3 million barrels per day of crude oil.

The U.S. West Texas Intermediate crude (WTI) contract for April expired on Thursday, and settled up $1.10 or 1.64% at $68.26.

The more actively traded WTI May contract settled up $1.16, or 1.73% at $68.07.--Reuters 

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