NEW YORK, May 6 (Xinhua) -- Oil prices climbed in volatile trading on Monday amid the rising tensions between the United States and Iran.
The West Texas Intermediate for June delivery increased 0.31 U.S. dollar to settle at 62.25 dollars a barrel on the New York Mercantile Exchange, while Brent crude for July delivery was up 0.39 dollar to close at 71.24 dollars a barrel on the London ICE Futures Exchange.
Oil prices got support from the latest escalation of geopolitical tensions between the United States and Iran.
U.S. National Security Adviser John Bolton said on Sunday that his country is deploying a carrier strike group and a bomber task force to the Middle East to thwart the threat from Iran.
The deployment aims "to send a clear and unmistakable message to the Iranian regime that any attack on United States interests or on those of our allies will be met with unrelenting force," Bolton said.
The move came after the Trump administration tightened energy sanctions on Iran in a bid to drive the Islamic Republic's oil exports to zero.
The White House announced on April 22 that Washington would no longer grant sanctions waivers for purchases of Iranian crude. The decision has provoked worries that it may lead to higher oil and gasoline prices.
Following the exit from the Iran nuclear deal in May last year, the U.S. administration has kept piling up pressure on Iran through a series of sanctions and designations, which have been strongly opposed and criticized by Tehran.
