Oil markets gained on Tuesday, rallying as investors concluded that concern over new crude supplies from Iran had been overdone. On Monday, Brent fell to its lowest level in 12 years as traders reacted to the lifting of sanctions on Iran that could lead to the release of 500,000 barrels of oil from the country onto an oversupplied crude market. The global crude benchmark Brent was up 3.72% at $29.64 a barrel on London’s ICE Futures Europe exchange for March loading. West Texas Intermediate was up 1.61% at $30.88 for February delivery. A softer dollar also supported oil prices on Tuesday. The Wall Street Journal Dollar Index, which tracks the greenback against a basket of other currencies, fell 0.12% on Monday. As oil is priced in dollars, it becomes more attractive for holders of other currencies as the greenback falls. Some analysts say that Monday’s drop didn’t reflect a […]