Singapore — Oil prices edged up on Friday on the worry that renewed US sanctions against Iran will tighten supplies, although the escalating trade dispute between Washington and Beijing restricted gains. Front-month Brent crude oil futures were at $72.21 a barrel at 4.44am GMT, up 14c, or 0.2% from their last close. US West Texas Intermediate (WTI) crude futures were up by 6c at $66.87 a barrel. Despite the possibility of a slowdown in economic growth due to escalating trade tensions, oil markets are for now relatively tight, analysts said, mostly because of sanctions on Iranian oil exports the US plans to implement in November. Although other powers, including the EU, China and India oppose sanctions, many are expected to bow to American pressure. "We do not believe that sanctions have been fully priced into Brent, leaving room for a significant run-up in prices towards the end of the year," BMI Research said. Analysts expect the drop-off in Iranian crude exports to range between 5...
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