Oil Strong As US Decision On Iran Sanctions Looms
Brent crude oil was up 10 cents at $73.72 a barrel by 1315 GMT. The benchmark contract hit a 3-1/2 year closing high of $75.17 on Monday.
U.S. light crude was 15 cents higher at $68.58.
“The energy complex is entering a consolidation phase as a wait-and-see approach takes hold ahead of next week’s Iranian sanctions waiver deadline,” said Stephen Brennock, analyst at London brokerage PVM Oil Associates. “Expectations that the United States will pull out of the (Iran nuclear) deal and refrain from extending sanctions relief are keeping both crude markers near three-year peaks.”