Singapore — Oil prices edged up on Monday on the fear that new US sanctions against Iran could be extended to affect crude supply, but markets were capped by further signs of growing US production. Tension between Tehran and Washington have risen since a recent Iranian ballistic missile test which prompted US President Donald Trump’s administration to impose sanctions on individuals and entities linked to Iran’s elite Revolutionary Guards military unit. Brent crude futures, the international benchmark for oil prices, were trading at $56.91 a barrel at 3.20am GMT, up 10c from their last close. US West Texas Intermediate (WTI) futures were up 8c at $53.91 a barrel. Traders said the strain between Tehran and the US raised concerns that US sanctions could be tightened further to affect Iranian oil exports, which were allowed to return to normal only last year. "This was countered somewhat by data showing another strong rise in rig activity in the US," ANZ bank said on Monday. US driller...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.