Oil prices rise after US Iran sanctions

Global crude oil prices recovered Friday from the prior day's losses, in a market supported by fresh U.S. sanctions against Iran's oil sector, AFP reported. New York's main contract, West Texas Intermediate crude for delivery in May, closed at $103.02 a barrel, up 24 cents from Thursday's market close, according to the report. In London trade, Brent North Sea crude for May gained 49 cents to settle at $122.88 a barrel, the report said. Obama decided the United States could levy sanctions against banks and other financial institutions buying oil from Iran without roiling markets. FACTS & FIGURES China has rejected President Barack Obama's decision to impose further sanctions on countries buying oil from Iran, saying Saturday that Washington had no right to unilaterally punish other nations. AP Rising oil prices have pushed gasoline prices higher in America. AP On Friday, the average price of gasoline in the United States rose about half a cent to $3.93 per gallon. AP A Reuters/Ipsos online poll released on Tuesday said more than two-thirds of Americans disapprove of the way President Barack Obama is handling high gasoline prices. Economists warn that higher gas prices could slow the overall U.S. economy, which would toughen Obama's chances of winning re-election.