SINGAPORE/TOKYO – Oil prices edged up yesterday following news that US President Donald Trump could impose new sanctions on multiple Iranian entities, raising geopolitical tensions between the two nations.

Brent crude futures had risen 45 cents, or 0.8 per cent, to $57.01 a barrel, after settling down 24 cents at $56.56 in the previous session. Brent is set to gain 2.6 per cent for the week. Front month US West Texas Intermediate crude futures climbed 48 cents, or 0.9 per cent, to $54.02 a barrel, after ending Thursday down 34 cents. For the week, the contract is up a little over one per cent.

Reports indicate that Trump’s administration is prepared to roll out new measures against more than two dozen Iranian targets following Tehran’s ballistic missile test, according to sources.

Agencies