SINGAPORE: Crude markets edged higher in Asian trade Tuesday after Western powers slapped new sanctions on Iran, one of the world's major oil-producing countries, analysts said.
New York's main contract, light sweet crude for January delivery, gained a cent to $96.93 per barrel.
Brent North Sea crude for delivery in January advanced 12 cents to $107.00.
Fresh sanctions aimed at curbing Iran's alleged nuclear ambitions pushed markets higher despite debt problems in the United States and Europe, said Jonathan Barratt, managing director of Commodity Broking Services in Sydney.
"On the one side we have weak demand out of Europe, weak demand from the US but on the other hand we have the geopolitical situation in Iran," he told AFP.
"Iran will be predominant in terms of anything major that develops," Barratt added.
Western powers on Monday imposed a new batch of sanctions on Iran, targeting the country's central bank and the vital energy sector.
Notably, the measures seek to limit the West's links with Iran's Central Bank -- which has been key in funnelling the proceeds of energy sales to Iran's government.
Iran's energy sales are thought to account for around 70 percent of the government's budget and are crucial to the broader Iranian economy.
Some experts have cautioned that targeting Iran's Central Bank could have a profound impact on Iran's economy and push up global energy prices at a time when Western economies are already struggling.
With speculation about a possible Israeli military strike against Iran, France also warned of the added risk of a military escalation in the region.
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