Oil prices rebound amid calls for more Iran sanctions

Crude oil prices rebounded on Tuesday after the United States, Britain, France and Germany moved to apply more restrictions and sanctions on Iran over its controversial nuclear programme, analysts said. Brent North Sea crude for delivery in November grew 66 cents to $110.47 a barrel in London midday deals. New York's main contract, light sweet crude for November rose 53 cents to $92.46 a barrel. Crude futures had fallen Monday on concerns about the eurozone debt crisis and weakening global economic growth despite a recent round of central bank stimulus, traders said. "You could look at the heightened sanctions against Iran" for the rebound, Nick Trevethan, senior commodities strategist for ANZ Research, told AFP. "I would say that's probably the excuse that the market needed to suspend the slide over the last few days," added the Singapore-based analyst. The West claims that major oil exporter Iran is using its nuclear programme to secretly develop a bomb, but the Islamic republic says it is purely for civilian purposes. Britain, France and Germany on Monday urged their European Union partners "to further step up the pressure" on Iran by agreeing new sanctions to undermine its nuclear drive, in a joint letter seen by AFP. The sanctions -- set to be formally adopted on October 15 -- called for punitive action in the energy, finance, trade and transportation sectors. Also Monday the US government further tightened financial sanctions on Iran.