Mubasher: Oil prices rose on Tuesday on rising geopolitical risks as markets anticipate the sanctions imposed by the United Sates on Iran coming into effect next month.

Iranian crude exports are declining to 1.5 million barrels per day in the first two weeks of October compared with 2.5 million barrels per day in April, even before new American sanctions begin on 4 November.

Nymex futures for November delivery rose by 0.2% to $71.92 per barrel.