Singapore — Oil prices rose on Thursday, supported by an expectation that the US will re-impose sanctions against Iran, a decline in output in Venezuela and strong demand. Brent crude oil futures were at 74.42 a barrel at 1.35am GMT, up 42c, or 0.6%, from their last close. US West Texas Intermediate (WTI) crude futures were up 33c, or 0.5%, at $68.38 a barrel. Traders said markets rose on the expectation that the US would in May re-impose sanctions against Iran, a major oil producer and member of oil cartel Opec. French President Emmanuel Macron said on Wednesday during a state visit to the US that he expected US President Donald Trump to pull out of a deal with Iran reached in 2015, in which Iran suspended its nuclear programme in return for western powers lifting crippling sanctions. Trump will decide by May 12 whether to restore US sanctions on Tehran, which is likely to result in a reduction of its oil exports. Further pushing oil prices has been declining output in Venezuela, O...
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