Oil price rises to $108

Oil prices rose on Tuesday as the United States and Europe planned new sanctions to punish Russia over alleged war crimes in Ukraine, raising concerns of tighter global supply, while Iran's nuclear talks with world powers stalled.

Brent crude was up 90 cents, or 0.8 per cent, to $108.43 a barrel at 0801 GMT, and US West Texas Intermediate was up 78 cents, or 0.8 per cent, at $104.06 a barrel.