Oil rises as investors fret over Iranian supply gaps | Reuters:
Oil edged higher on Thursday, driven by the prospect of a shortfall in global supply once U.S. sanctions against major crude exporter Iran come into force in five weeks.
U.S. President Donald Trump this week demanded that the Organization of the Petroleum Exporting Countries raise production to prevent further price rises ahead of midterm elections in November for U.S. Congress members.
“The market continues to move higher on fears that the loss of Iranian exports is not going to be made up,” said Gene McGillian, director of market research at Tradition Energy, in Stamford Connecticut.
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