Singapore — Oil prices edged up on Tuesday on escalating tensions between the US and Iran and on signs that producer club Opec will continue withholding supply in 2019. However, gains were checked by concerns that a prolonged Sino-US trade war could lead to a global economic slowdown. Brent crude futures, the international benchmark for oil prices, were at $72.03 per barrel at 0118 GMT, up 6c, or 0.1%, from their last close. US West Texas Intermediate (WTI) crude futures were up by 12c, or 0.2%, at $63.22 per barrel. Prices were driven up by rising tensions between the US and Iran. US President Donald Trump on Monday threatened Iran with “great force” if it attacked US interests in the Middle East. This came after a rocket attack in Iraq’s capital Baghdad, which Washington suspects to have been organised by militia with ties to Iran. Iran said on Tuesday that it would resist US pressure, declining further talks under current circumstances. ANZ bank said the rising tension in the M...
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