Facebook Vice President David Marcus is the face of the company's Libra digital currency, but the original driving force was a 26-year-old female corporate-development...Technologyread more
Amazon's new policy for account suspensions doesn't go far enough to protect sellers from potentially unfair and wrongful suspensions, merchants say.Technologyread more
There is no end in sight to the Boeing 737 Max grounding after two fatal crashes, prompting airlines to rethink their growth plans.Airlinesread more
After a year of flooding, Midwest farmers face a stifling heat wave that's spreading across the U.S.Weather & Natural Disastersread more
On Saturday, Disney's Marvel Studios announced its upcoming slate of superhero films during a panel at San Diego Comic-Con.Entertainmentread more
Moving lots of data to a public cloud over the internet can take months or years. CNBC got an inside look at how AWS transfers data to the cloud for its clients.Technologyread more
A quarter of the S&P 500 companies report earnings next week, and that could buffet the market as investors await the July Fed meeting.Market Insiderread more
Iran's Revolutionary Guard claims a British tanker it still holds, Stena Impero, failed to follow international maritime rules.World Newsread more
"It troubles me that the most important political office in the world is becoming the face of racism and exclusion," Kaeser said in a Twitter post.Politicsread more
Silver's rally could be losing its shine after the precious metal reached its year-to-date high, futures experts warn.Futures Nowread more
Some 40% of Americans would struggle to come up with even $400 to pay for an emergency expense. Just how are so many Americans so short on cash? Blame debt.Personal Financeread more
Oil prices rose on Tuesday after U.S. sanctions on Iranian goods went into effect, intensifying concerns that sanctions on Iranian oil, expected in November, could cause supply shortages.
The first U.S. sanctions against OPEC member Iran officially came into effect at 12:01 a.m. EDT. These sanctions did not include Iran's oil exports. The country exported almost 3 million barrels per day (bpd) of crude in July.
The reimposed sanctions target Iran's U.S. dollar purchases, metals trading, coal, industrial software and its auto sector. U.S. sanctions on Iran's energy sector are set to be re-imposed after a 180-day wind-down period ending on Nov. 4.
"It is a reality check that this is happening and that Iran's oil exports will be hurt when the oil sanctions hit it in November," chief commodities analyst at Commerzbank Bjarne Schieldrop said.
"The re-imposition of U.S. sanctions on Iran remains the key (price) driver in the near-term. Supply losses could range from 600,000 to 1.5 million bpd," ANZ said on Tuesday in a note to clients.
As a result, the bank said, "the oil market should remain tight, despite OPEC increasing oil production to offset losses elsewhere. "
President Donald Trump tweeted on Tuesday that the sanctions were "the most biting sanctions ever imposed," although those sanctions were originally devised and deployed by the Obama administration.
"Anyone doing business with Iran will NOT be doing business with the United States," he added.
Many European countries, China and India, oppose the sanctions, but the U.S. government said it wants as many countries as possible to stop buying Iranian oil.
"The market continues to price in geopolitical risk from the reimposition of sanctions by the U.S. on Iran," said Gene McGillian, vice president of market research at Tradition Energy in Stamford, Connecticut. "The reports that Saudi Arabia's production actually dropped in July continue to provide support for the market."
Saudi Arabia's crude production dropped about 200,000 bpd last month, two sources at the Organization of the Petroleum Exporting Countries said on Friday, despite a pledge by the Saudis and top producer Russia to raise output from July, with Saudi Arabia promising a "measurable" supply boost.
Also supporting prices were a weakened dollar, McGillian said. The dollar index was trading 0.2 percent lower. A weak dollar can lift the price of commodities, like oil, that are priced using the currency.
U.S. crude stockpiles were also expected to have dropped last week. Data from the American Petroleum Institute for U.S. inventories is due later on Tuesday at 4:30 p.m. EDT, followed by the government's report on Wednesday morning.
Some analysts warned that a global heat wave could also affect oil demand.
Much of the northern hemisphere has been gripped by extreme heat this summer, pushing up demand for industrial and residential cooling. This mostly impacts demand for power fuels such as thermal coal and natural gas.
"With global demand remaining healthy and the global heatwave increasing oil demand, I think prices will remain well-supported in the near term," Hussein Sayed, chief market strategist at FXTM, said.
But U.S. bank JPMorgan said a warmer-than-usual fourth quarter could stem from a potential El Niño weather pattern that "can cause droughts, flooding and other natural disasters across the globe, including heatwaves in the U.S. that affect commodities."
"Past instances of El Niño have resulted in sharp drops in U.S. residential and commercial heating oil demand and prices," it said.
— CNBC's Tom DiChristopher contributed to this report.