India, April 22 -- The price of crude oil moved sharply higher during trading on Tuesday, regaining ground following the sharp pullback seen in the previous session.
After plunging $1.60 or 2.5 percent to $63.08 a barrel during Monday's session, crude for May delivery surged $1.23 or 2.0 percent to $64.31 a barrel.
The rebound by crude oil futures came after the Treasury Department announced sanctions targeting Iranian national and liquified petroleum gas magnate Seyed Asadoollah Emamjomeh and his corporate network.
The Treasury said Emamjomeh and his network are collectively responsible for shipping hundreds of millions of dollars' worth of Iranian LPG and crude oil to foreign markets.
"Emamjomeh and his network sought to export thousa...