Oil rises boosted by growing concern over potential supply disruptions
London — Oil rose on Tuesday, boosted by investors’ growing concern over the potential for disruptions to crude supply, especially in the Middle East. Brent crude oil futures were up 10c at $71.52 a barrel by 9.07am GMT, while US crude futures gained 9c to $66.31 a barrel. Traders said oil markets were receiving general support due to the risk of supply interruptions, including a potentially spreading conflict in the Middle East, renewed US sanctions against Iran and falling output in crisis-hit 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 [of May 12] if not for the remainder of 2018." US President Donald Trump has threatened to pull out of a nuclear deal between Iran and...
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