New York — Oil prices rose on Tuesday on growing supply disruptions in Norway and Libya, but gains were pared after the US said it would consider requests for waivers from Iranian oil sanctions. Brent crude futures rose by 64c to $78.71 a barrel by 2.38pm GMT. Earlier, the global benchmark hit a session high of $79.51. US crude futures were up 13c at $73.98, after hitting a high of $74.70. Earlier in the session, prices had been within striking distance of the four-year highs, said Bob Yawger, director of energy futures at Mizuho. They retreated, however, following a statement by US secretary of state Mike Pompeo that the US would consider requests from some countries to be exempted from sanctions on Iranian oil that it will put in effect in November. "That basically took the wind out of the sails from the market," said Phil Flynn, analyst at Price Futures Group in Chicago. "But it isn’t unlike anything that they’ve said before. But it all depends on which countries they’re talking ...
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