SINGAPORE: Oil prices rose on Friday on expectations that U.S. sanctions on Iran will cut significant volumes of crude from the market towards the end of the year, but trading was muted due to the unresolved trade dispute between Washington and Beijing.
Brent crude oil futures LCOc1 were at $74.93 per barrel at 0245 GMT, up 20 cents, or 0.3 percent, from their last close.
Iran is the third-biggest producer within the Organization of the Petroleum Exporting Countries (OPEC) and the nation exports around 2 million barrels per day of crude, equivalent to around 2 percent of global consumption.
“Investors are likely to feel nervous as the two countries vow to step up the pressure,” ANZ bank said on Friday. —Reuters