Singapore/Tokyo — Oil prices edged up on Friday on news that US President Donald Trump could be set to impose new sanctions on multiple Iranian entities, firing geopolitical tension between the two nations. Comments by Russian energy minister Alexander Novak that oil producers had cut their output in accordance with a pact agreed in December also helped support prices, analysts said. Reuters reported on Thursday that Trump’s administration is prepared to roll out new measures against more than two dozen Iranian targets following Tehran’s ballistic missile test, according to sources familiar with the matter. Brent crude futures had risen 21c, or 0.4%, to $56.77 a barrel by 3.58am GMT, after settling down 24c at $56.56 in the previous session. Front month US crude futures, also known as West Texas Intermediate (WTI), climbed 28c, or 0.5%, to $53.82 a barrel, after ending Tuesday down 34c. For the week, the contract is up a little more than 1%. Moves by the US to impose new sanctions o...
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