Oil futures finished higher on Monday, with prices finding support after a nearly 3% decline Friday, as the U.S. imposed fresh sanctions on Iran, impacting its crude sector.

OIL prices settled higher on Monday as fresh US sanctions on Iran and a commitment to compensate for overproduction by Iraq added to concerns of near-term supply tightness, helping the market recover some of Friday’s steep losses.

The Trump administration’s math on Middle Eastern energy supplies just doesn’t add up. The law of supply and demand is the most basic insight in economics. When there's more of a good available for sale than people who want to buy it,

The U.S. on Monday imposed sanctions on dozens of people and oil tankers across China, the United Arab Emirates, India and other jurisdictions for allegedly helping to finance Iran and its support for militant groups that launch attacks against the U.

Oil prices edged higher on Monday as fresh U.S. sanctions on Iran and a commitment to compensate for overproduction by Iraq added to concerns of near-term supply tightness, helping the market recover some of Friday's steep losses.

According to the US Treasury, the sanctioned tankers move crude oil valued at hundreds of millions of dollars.