04MAY2018 - NEWS - Oil prices inched up slightly on Friday due to geopolitical risks from possible new US sanctions against Iran

Oil prices rose slightly on Friday. US West Texas Intermediate (WTI) crude futures were up by around 3 cents and the Brent crude futures were up by around 5 cents from their previous settlement values. The rise in the oil prices were supported by the geopolitical risks from possible new US sanctions against Iran. Both Brent crude and West Texas Intermediate (WTI) crude are the classifications of the crude oil that serves as the benchmark for oil pricing worldwide.