Oil Edges Higher As Iran Sanctions Outweigh Trade Concerns

Oil rose on Aug. 21, buoyed by the prospect of price support from U.S. sanctions on Iran, although with concern brewing about the outlook for demand, particularly in light of the trade dispute between Washington and Beijing, gains were limited.

Brent crude futures LCOc1 were last up 49 cents on the day at $72.70 a barrel by 1230 GMT, while the most active October U.S. crude futures contract CLv1 rose 43 cents from its last close to $65.85 a barrel.

“Prices are being supported by the prospect of lower oil supply from Iran,” Commerzbank said in a note.