Oil edges higher as Donald Trump prepares for fresh sanctions against Iran
London — Oil prices edged higher on Friday in response to the possibility of new sanctions on Iran after US President Donald Trump said "nothing is off the table" in dealing with the country after its test launch of a missile. Comments by Russian energy minister Alexander Novak that oil producers had cut their output as agreed under a deal with oil cartel Opec, also helped to support prices, analysts said. Brent crude futures were up 30c to $56.86 a barrel by 10.50am GMT, after settling 24c lower at $56.56 in the previous session. Brent was on track to gain more than 2% on the week, its first significant weekly rise this year. Front month US West Texas Intermediate (WTI) crude futures climbed 25c to $53.79 a barrel, after ending 34c down on Thursday. For the week, the contract is up a little more than 1%. Reuters reported on Thursday that the Trump administration was prepared to roll out new measures against more than two dozen Iranian targets following Tehran’s ballistic missile te...
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