Crude Caps Weekly Advance as Iran Sanctions Bite Into Supply - Bloomberg

Crude Caps Weekly Advance as Iran Sanctions Bite Into Supply - Bloomberg:

Crude posted a third weekly advance out of four as Iranian sanctions take center stage, with investors eyeing the impact on supply.

Futures in New York closed 1.8 percent higher this week amid signs that looming U.S. sanctions on Iran are whittling global supply levels. The International Energy Agency warned of higher oil prices amid deepening supply losses in Iran and Venezuela.

“It looks like the reality of sanctions are happening pretty quickly,” said Phil Flynn, senior market analyst at Price Futures Group Inc. in Chicago. “The risk of being short went up dramatically.”