Oil prices edged up for a third straight day on Tuesday as sanctions raised concerns about Russian and Iranian oil supplies, outweighing worries that escalating trade tariffs would boost prices and inflation and dampen global economic growth.
Brent futures rose 86 cents, or 1.1%, to $76.73 a barrel by 1606 GMT, while US West Texas Intermediate crude rose 73 cents, or 1.0%, to $73.05. "With the US bearing down on Iranian exports and sanctions still biting into Russian flows, Asian crude grades remain firm and underpin the rally from yesterday," said PVM oil analyst John Evans.
Shipments of Russian oil to leading importers China and India have been significantly disrupted in recent weeks by US sanctions targeting tankers, producers and insurers.
Russia, however, said on Tuesday that US sanctions should not affect Moscow's oil trade with India, the world's third-biggest importer.
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