Mubasher: The price of Kuwait’s crude oil increased by 47 cents to settle at $71.97 per barrel (pb) on Tuesday compared to $71.5 pb on Monday, according to  the Kuwait Petroleum Corporation's (KPC) latest data.

At the global level, oil prices rose on Tuesday for the second session in a row, backed with the US decision to impose sanctions on Iran, the Organization of Petroleum Exporting Countries’ (OPEC) third-largest producer.