Venezuelan Bolivares

Oil rose on Tuesday to its highest level so far this month, lifted by tension in the Middle East and the possibility of further falls in Venezuelan output.

Oil prices rose to two-month highs on Monday, ending the strongest month of the year for crude futures, boosted in part by expectations of U.S. sanctions against Venezuela’s oil sector and as supply concerns have waned in recent weeks.

Oil rose more than 1 percent on Tuesday, with benchmark Brent crude hitting $70 a barrel for the first time in a week, boosted by healthy world economic growth prospects and expectations for continued production curbs by OPEC, Russia and their allies.

Wealthy Russians facing the prospect of targeted U.S. sanctions next year have floated the idea of a special treasury bond to facilitate favorable terms for bringing their cash home, three sources familiar with the scheme said.