London — Oil edged higher towards $73 a barrel on Friday, supported by real and threatened supply disruptions in the Middle East and heading for a weekly gain. US sanctions on Iran cut oil cartel Opec member’s crude exports further in May, adding to supply curbs resulting from an Opec-led pact. Meanwhile, rising tensions in the Middle East this week have raised concern about additional supply disruption. Brent crude rose 15c to $72.77 a barrel at 9.08am GMT. The global benchmark is up almost 3% this week, having ended last week steady and fallen the week before. US West Texas Intermediate (WTI) crude added 24c to $63.11. “The Middle East is acting as a tinderbox for conflict,” said Stephen Brennock of oil broker PVM. “So long as this remains the case, the energy complex will continue to be supported by bullish supply-side signals.” The mounting tension overshadowed bearish developments for oil prices this week, such as an unexpected increase in US crude inventories. A Saudi-led mili...
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