SINGAPORE: Oil futures extended gains on Tuesday as the United States and Europe planned new sanctions to punish Moscow over alleged war crimes by Russian troops in Ukraine, adding to concerns about supply disruptions, while Iran nuclear talks stalled.
Brent crude futures rose $1.20, or 1.1%, to $108.73 a barrel, while US West Texas Intermediate futures were up $1.25, or 1.2%, at $104.53 a barrel at 0420 GMT.
Both contracts briefly jumped more than $2 a barrel in early Asian trade after Japanese industry minister Koichi Hagiuda said the International Energy Agency (IEA) was still working out details for a planned second round of a coordinated oil releases.
