Oil prices rise as US, Europe plan new sanctions to punish Russia over alleged war crimes in Ukraine

Oil prices today rose as the United States and Europe planned new sanctions to punish Russia over alleged war crimes in Ukraine, raising concerns of tighter global supply, while Iran's nuclear talks with world powers stalled. The crude prices climbed more than half a percent, in intra-day trade. Brent crude was trading around 108 dollars and 20 cents per barrel while WTI crude prices were at 103 dollars and 90 cents per barrel.