Oil hits one-week high as Iran-driven rally gathers pace | Reuters

Oil hits one-week high as Iran-driven rally gathers pace | Reuters:

Oil rose to its highest level in a week on Tuesday, ahead of a forecast drawdown in U.S. crude inventories and buoyed by the prospect of U.S. sanctions on Iran, though the trade dispute between Washington and Beijing kept traders and analysts cautious.

Brent crude LCOc1 futures for October delivery rose 42 cents to settle at $72.63 a barrel. The global benchmark earlier hit $72.95 a barrel, the highest level since Aug. 14.

U.S. West Texas Intermediate crude futures for October delivery CLc2, the most active contract, rose 42 cents to settle at $65.84 a barrel. The September contract CLc1 expired on Tuesday and settled 92 cents higher to $67.35 a barrel.