Oil prices rose on Tuesday due to the impact of the latest U.S. sanctions on Russian oil, although oversupply concerns limited gains.

Brent crude futures were up 67 cents, or 1.1%, to $64.73 a barrel at 1333 GMT. U.S. West Texas Intermediate crude was at $60.78 a barrel, up 65 cents, or 1.1%.

Investors continue to assess the fallout from the U.S. sanctions on Russia, and their impact on both crude oil and refined fuel markets.

Lukoil declared force majeure at an Iraqi oilfield it operates, sources told Reuters on Monday, marking the biggest fallout yet from the sanctions imposed last month.

Restricted fuel exports due to the sanctions are propping up oil prices in the face of a crude oil glut, PVM analyst Tamas Varga said.

“Fresh U.S. sanctions on major Russian oil producers and expor

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