US crude climbs on supply cuts prospects from Iran, Venezuela

Oil prices rose on Tuesday amid concerns of drops in Venezuelan production after disputed presidential elections, while markets price in heavy US sanctions on Iran. 

US crude rose to $72.51 a barrel from the opening of $72.61, with an intraday high at $72.63, and a low at $72.63. 

The US is likely to impose additional sanctions on Venezuela after disputed elections, which could curb the already-collapsing Venezuelan output. 

Socialist Venezuelan President Nicholas Maduro faced international condemnation after getting reelected in the weekend in what critics considered a rigged election. 

The US has also hardened its position with Iran, with sanctions expected to cut Iranian crude exports and bolster prices firmly towards $80.