London — Oil rose on Friday, clawing back some territory after prices fell by the most in a month in the previous session, as the focus returned to supply concerns ahead of a November deadline for US sanctions on Iranian crude. Brent crude was up 25c at $78.43 a barrel by 8.10am GMT. The global benchmark fell 2% on Thursday after rising on Wednesday to its highest since May 22 at $80.13. US West Texas Intermediate (WTI) futures were up 41c at $69 a barrel after dropping 2.5% on Thursday. Both futures contracts are set to rise about 2% in the week. "We think the oil market will have another go at pushing Brent above $80 a barrel," Harry Tchilinguirian, oil strategist at French bank BNP Paribas, told the Reuters Global Oil Forum. "The looming supply gap that the loss of Iranian oil exports represents is still ahead of us and that early November US deadline to reduced imports to zero is fast approaching." The US is renewing sanctions on Iran after withdrawing from a nuclear deal forged...
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