Singapore — Oil prices rose on Tuesday, pushed up by the concern that tension in the Middle East could lead to supply disruptions. The hope that behind-the-scenes talks between the US and China will prevent a looming trade war between the world’s two biggest economies also supported global markets, including crude oil futures. US West Texas Intermediate (WTI) crude futures were at $65.89 a barrel at 4.07am GMT, up 34c, or 0.5%, from their previous close. Brent crude futures were at $70.34 a barrel, up 22c, or 0.3%. James Mick, MD and energy portfolio manager at management firm Tortoise, said that "rising geopolitical tensions" were driving up oil prices. The biggest risk was that the US could re-introduce sanctions on Iran. "Crude also received support from Opec members as Saudi Arabia and Russia both reiterated goals to extend the production cut agreement," Mick said. Iraq, the second-biggest producer within oil cartel Opec said on Monday that it also supported the producer cartel’...
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