** Shares in Norwegian oil tanker group Frontline FRO.OL rise more than 5%, with analysts pointing to expanded U.S. sanctions on Iran

** The Biden administration on Tuesday ramped up its sanctions on Iran, targeting 35 entities and vessels that it said transported illicit Iranian petroleum to foreign markets

** "Moving all Iranian exports out of the black fleet and into the legitimate fleet implies about 3% higher fleet utilisation of the latter," ABG Sundal Collier says in a note

** Arctic Securities analysts say that despite the positive news, their view on stocks won't change without a greater chance of reduced Iranian volumes

** Frontline is among top performers on the pan-European STOXX 600 index .STOXX

(Reporting by Anna Chaberska)

((Anna.chaberska@thomsonreuters.com))