Oil lifted toward $73 by real and threatened supply cuts - Reuters

Oil lifted toward $73 by real and threatened supply cuts - Reuters:

Oil edged higher toward $73 a barrel on Friday, supported by real and threatened supply disruptions in the Middle East and heading for a weekly gain.

U.S. sanctions on Iran have cut the OPEC member’s crude exports further in May, adding to supply curbs resulting from an OPEC-led pact. Meanwhile, rising tensions in the Middle East this week has raised concern about additional supply disruption.

Brent crude rose 15 cents to $72.77 a barrel at 0908 GMT. The global benchmark is up almost 3 percent this week, having ended last week steady and fallen the week before. U.S. West Texas Intermediate crude added 24 cents to $63.11.