Oil prices edged higher on Friday in response to the possibility of new sanctions on Iran after U.S. President Donald Trump said “nothing is off the table” in response to its test launch of a missile.
Comments by Russian energy minister Alexander Novak that oil producers had cut their output as agreed under a deal with OPEC also helped to support prices, analysts said.
Brent crude futures were up 15 cents to $56.71 a barrel by 1322 GMT, after settling 24 cents lower at $56.56 in the previous session. Brent was on track to gain more than 2 percent on the week, its first significant weekly rise this year.
Front month U.S. West Texas Intermediate crude futures climbed 15 cents to $53.69 a barrel, after ending 34 cents down on Thursday. For the week, the contract is up just under 1 percent.
Reuters reported on Thursday that the Trump administration is prepared to roll out new measures against more than two dozen Iranian targets following Tehran’s ballistic missile test, according to sources familiar with the matter.
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