Signs that US sanctions on Iran are reducing oil supply push price up
London — Oil prices rose on Friday, supported by signs that US sanctions on Iran were already reducing global crude supply. Benchmark Brent crude oil was up 60 US cents a barrel at $75.33 by 9.35am GMT. Brent was on track for gains of almost 5% this week. US light crude was 60c higher at $68.43, heading for a gain of 3.8% this week. "Both crude markers are on track to end a steady run of weekly declines. This is largely due to a tightening fundamental outlook on the back of looming Iranian supply shortages," said Stephen Brennock analyst at London brokerage PVM Oil Associates. The US government re-imposed sanctions on Iran this month after withdrawing from a 2015 international nuclear deal, which Washington saw as inadequate for curbing Tehran’s activities in the Middle East and denying it the means to make an atomic bomb. Tehran says it has no ambitions to make such a bomb. Iran is the third-biggest producer in Opec supplying about 2.5-million barrels per day (bpd) of crude and con...
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