Concern about supply disruptions lifts oil
Brent rises as spreading conflict in the Middle East, renewed US sanctions against Iran and falling output from Venezuela indicate supply may be affected
Singapore — Oil prices rose on Tuesday amid concern there could be a high risk of disruptions to supply, especially in the Middle East. Brent crude oil futures were at $71.69 a barrel at 3.26am GMT, up 27c, or 0.4%, from their last close. US West Texas Intermediate (WTI) crude futures were up 32c, or 0.5%, at $66.54 a barrel. Traders said oil markets were receiving general support due to a sense that there were high risks of supply disruptions, including a potentially spreading conflict in the Middle East, renewed US sanctions against Iran and falling output as a result of political and economic crisis in Venezuela. "With so many potential supply disruptors in play and few signs that the current market upheaval will end any time soon, traders continue to pay the geopolitical risk premium," said Stephen Innes, head of trading for Asia-Pacific at futures brokerage Oanda in Singapore. "Oil prices should remain bid … at least through the Iran nuclear deal deadline [May 12] if not for th...
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