Oil rises on escalating US-Iran tensions; trade war concerns weigh

Brent crude futures, the international benchmark for oil prices, were at $72.03 per barrel

Oil prices edged up on Tuesday on escalating tensions between the United States (US) and Iran and on signs that the Organisation of Petroleum Exporting Countries (OPEC) will continue withholding supply this year.

However, gains were checked by concerns that a prolonged Sino-US trade war could lead to a global economic slowdown.

Brent crude futures, the international benchmark for oil prices, were at $72.03 per barrel at 0118 GMT, up six cents, or 0.1 per cent, from their last close.