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By
Giulia Petroni, Dow Jones Newswires
Oil prices are on track for weekly gains as prospects of tighter sanctions against Russia and Iran raise market concerns over supply disruptions.
Brent crude and WTI are both up 0.2% at $73.57 and $70.20 a barrel, respectively. The benchmarks are up between 3% and 4% on the week, boosted by Treasury Secretary Janet Yellen saying the U.S. is looking for ways to curb Russia’s revenue, and Trump’s national security pick vowing a return to maximum pressure on Iran.
Prices also find support in China’s pledge to adopt a moderately loose monetary policy and political turmoil in the Middle East.
Still, futures remain in a tight range despite OPEC+’s decision to delay a planned output hike, with the IEA saying that global markets still face a supply glut next year.
